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Countrywide VP / Fired. Admits to inflated appraisals

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Randolph Kinney

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Apr 7, 2005
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Retired Appraiser
State
North Carolina
I wonder if the idea that other lenders did the same will occur to anyone?
 

panappr

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Dec 5, 2007
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Certified Residential Appraiser
State
California
I believe this would be "Landsafe" the AMC with such high standards, that they now require 2 listings and a pending sale on every appraisal. Nonetheless, they are the ones who do all the review work and I believe they are owned by Countrywide.

Read below

Appraisal Scoop
 

Tom Woolford

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Nov 20, 2005
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Florida
:new_2gunsfiring_v1: Bye Bye Skippy.......... :new_2gunsfiring_v1:
 

Non Sequitur

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Feb 14, 2002
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Louisiana
Is anyone surprised? Any builder who builds more than 5 units a year has a lender, title company and appraiser in his pocket.
 

Mike Kennedy

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Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
from that articles' write in responses:


Berns wrote:
I am an attorney currently in litigation with Countrywide for their Option ARM loan products. I would love to have someone who worked inside Countrywide as an expert. If you worked for Countrywide and can shed light on the knowledge they had about borrowers not understanding the negative amortization aspect of the Option ARM loans I would be interested in speaking with you.
[email protected]
1/29/2008 4:13 PM CST
Recommend (5)
 

GCJim

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Dec 11, 2007
Professional Status
Certified General Appraiser
State
New Jersey
OH my GOD! WHAT a SHOCKING, STUNNING, UNBELIEVABLE development! What is the lending industry coming to???? :blush: Sheeeeeeesh!
 

hastalavista

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May 16, 2005
Professional Status
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State
California
:new_2gunsfiring_v1: Bye Bye Skippy.......... :new_2gunsfiring_v1:

"As much as six-percent" (per article)- Less than 6% pushed values are going to be difficult to substantiate.
 
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Lobo Fan

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Joined
Nov 28, 2004
Professional Status
Certified Residential Appraiser
State
New Mexico
KB Homes is one of the sleaziest companies in existence. I got on the list to do KB/Countrywide appraisals and lasted less than two weeks. I got into it with a KB salesperson over a patio. I refused to call a 3 x 4 piece of concrete a patio. I referred to it as a stoop. The salesperson went nuts because that was an upgrade. When I refused, I got blacklisted from any future KB deals.

Fine with me. I felt like I needed a bath after every one anyway. I hate the quality of KB homes. Back in my hometown in California, they built an entire subdivision with termite infested joists. They were built offsite and trucked in. After a couple of years the roofs started collapsing. There was one floor plan where the upstairs toilet leaked on every one.

KB, where you can get 4 bedrooms a LR and FR in 1700 SF. Of course the bedrooms look like closets. I love that 3/4 scale furniture they use in the models.
 

Tudor

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Aug 15, 2006
Professional Status
Certified Residential Appraiser
State
Arizona
"As much as six-percent" (per article)- Less than 6% pushed values are going to be difficult to substantiate.

Hmm... 6% that about covers closing costs and maybe some of the realtors fees.
 
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