Collateral Underwriter "suggested Comparables"

[Eli]

Kenny says "when the dealings done". The dealing ain't done. LOL

It's not a profit, it's a revolving door of boom and bust. Also, I can't find the section of the Constitution where it says the taxpayers are running a for-profit business.

No, but there is so much fraud I see today it is not even funny. Appraisers verifying sales and market information and really just performing their job help prevent some of that fraud daily. I know I do sometimes, so I am sure we do as a group daily. Unfortunately some are contributing to it, which UAD has picked up on, no doubt. New dealers are good in games.

 

[timd354]

It's not a profit, it's a revolving door of boom and bust. Also, I can't find the section of the Constitution where it says the taxpayers are running a for-profit business.

I did not say that I agreed with the policy and I am also not comfortable that the government is now essentially in the mortgage business and will likely to remain in the mortgage business for the foreseeable future. However, none of that changes the fact that the federal government has made a $38 billion profit of of the GSE bailout and that profit is likely going to continue to climb significantly over the next few years as Fannie and Freddie returned $6.8 Billion as the result of profits from Q3/2014 (which is the latest available quarter that has reported results).

 

[Eli]

Just remember risk, liability, responsibility, and the top of the food chain. Those things help to keep things in perspective and should therefore help guide ones policies and procedures.

 

[Eli]

If nothing else, the crisis proved who is at the top of the food chain.

 

[Eli]

Public Trust/interest is our main key....period. UAD is and will discipline some more in that regard. Unskilled (licensed) labor will have a problem eventually, and probably already does. As more government agencies come together relative to appraisals, that factor will increase for reasons more than credibility/reliability (taxes). Some "shops" are in deep doo doo already, imo, based on the data already collected, and the small amount of revelations provided by publicity. They (FNMA) have much more than we know, and they and the govt can't deny it. That is the sweet part in some ways because it will lead to the public's best interest. Facts don't lie......SWEET.

 

[djd09]

It's not a profit, it's a revolving door of boom and bust. Also, I can't find the section of the Constitution where it says the taxpayers are running a for-profit business.

the constitution is like USPAP only brought up when it benefits them. you ignorant americans do not know better then them.
the constitution says "The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people." not the federal government.

 

[djd09]

are they still doing that enron style accounting over there? you know large quarterly earnings to mislead investors and receive big bonuses. they finally cap them because of public outrage.
does ah whats his name oh yeah franklin raines still work there?
how about herb moses?

 

[Bobby Bucks]

are they still doing that enron style accounting over there? you know large quarterly earnings to mislead investors and receive big bonuses. they finally cap them because of public outrage.
does ah whats his name oh yeah franklin raines still work there?
how about herb moses?

Good ole Franklin, what a feat it was to enable a subsidized monopoly to operate in the red while shamelessly squirreling away a personal fortune, Mozilo was a piker compared to him.

 

[PhillyApp]

Late to the party regarding the removal of the 15/25% guidelines, but I do not buy the argument that the guideline was proof of gaming the system. I believe it was done to help with the move toward regression analysis as a means for adjustment support. I have exceeded the 15/25% guidelines with commentary for years with no issue other than the occasional request for additional commentary.

Use of regression is being pushed as support fro our adjustments and many are looking into this approach, but are concerned with the percentage of the adjustments which are above most appraiser's comfort level. I get the push for better support for some adjustment factors but do not see regression as the answer. That said I do not have enough expertise in this approach to fully understand it and employ the techniques. That does not mean that I am not a qualified appraiser, just an experienced independent appraiser. Some believe regression provides transparency which I vehemently disagree with that position.

One thing is possible with the move to regression is that if the market is limited in their buying, selling and financing of real estate by this approach, the market will eventually mirror regression models. Than the big data/regression guru's can claim success in reigning in all that "Fraud and overvaluation".

I suppose the government through FNMA should control my ability to buy, sell or finance a home, they are already controlling my health decisions and educational decisions of my children/grandchildren. Sorry for the rant, long unproductive day fighting with Underwriters.

 

[djd09]

Good ole Franklin, what a feat it was to enable a subsidized monopoly to operate in the red while shamelessly squirreling away a personal fortune, Mozilo was a piker compared to him.

$240,000,000 golden parachute. but those bad appraisers staying inside the guidelines.