Data Cancer found....

[Dublin ohio]

Since the Waiver is not dislosed, how would you isolate them?

I said isolate the inflated sales and go from there.

ou would have to call the RE agent on every high sale price ( inflated ) and ask if there was a waiver, ten hope they even know ( they might not ) and then hope they get back to you on it.

We do that anyway. I would think most agents would know whether or not an appraiser went into one of their listings

I have no idea why a line is showing upin the typce, I could not remove it.

I am staying away from that one

 

[George Hatch]

You can look for low LTVs in the financing. That's where most of the waivers will occur anyway.

 

[shrubberyvaluation]

How would that make much of a difference?

Well one outlier or if 90% of the community gets waivers the lower ones could look like the outliers,

 

[Zoe]

I think Crawford makes his major money in real estate investments. I don't know but I can read between the lines sometimes pretty accurately. If he is complaining about his backyard, he probably knows his backyard pretty well.

When you know an area very well, it is easy to see something just don't fit with this transaction. Let me make some more calls. He did that because he knew it didn't fit. He found out about the waiver.
That is like have you ever tried to wear clothes too big or too small? They don't fit.

Think of the backlash on the horizon from some borrowers. Think about it.

Chopra may have new witnesses coming into the next hearing.

 

[Elliott]

Jeremy Bagot weighs in:


"VENTURA, Calif. (Dec. 20, 2024) – Ohio podcaster, real property appraiser and influencer Phil Crawford contends he has localized a “cancerous” home sale in a Cincinnati housing tract. He believes this inflated sale, based on a so-called “black box” valuation by mortgage giant Fannie Mae or Freddie Mac, has subverted other sales in the tract and is a microcosm of what is causing housing inflation coast to coast.

Based on Crawford’s analysis, the data cancer began with a so-called appraisal waiver by Fannie or Freddie – “appraisal waiver” is code for the twins’ nearly complete use of artificial intelligence and Big Data to assign synthetic values to properties across the country. They have created a self-reinforcing distortion cycle, says Crawford, in which data, once initially distorted, is fed back into a looped system that further subverts lending decisions by the mortgage giants. The twin government-sponsored enterprises together guarantee around 70% of U.S. mortgages. They fully control the market while ostensibly relying on its independent functioning.

Even when a human appraiser goes back and values a property influenced by data cancer, the cancer has already worked its way into the comparable sales. Crawford describes the problem as insidious. The State of Maryland has taken an interest in these activities. Other states may follow. Moreover, in valuing a property in order to “waive” a traditional appraisal, Freddie and Fannie openly violate a key federal consumer protection statute, but more on that in a moment.


The use of quick and inexpensive artificial intelligence to synthesize value has also introduced the likelihood of something computer scientists call “virtual input phenomena” or “spontaneous generation.” This phenomenon, akin to human hallucinations, happens within artificial neural networks." ........

 

[Zoe]

GSEs are outside their level of expertise. It would take a fool that does not realize that on waivers.

I pray the govt don't take them out of their position.

I know where the bailout will come from. Me and YOU.

Your children if you have any and their descendents.

Then you are treading on National Security from foreign and domestic enemies.

Money is more powerful today than military with China, Mexico, Russia, etc. etc. mark my words.

Trade war is not a good option.

I don't know how many items I opened recently that said made in China.

China knows we can't win a trade war.

 

[George Hatch]

Appraisers have contributed to the data cancer issue since before any of us got into this line of work. This isn't a problem that has been created from scratch by AVM usage or the waiver programs.

The measurement of the data cancer problem from the waivers is most appropriately benchmarked as either adding to or subtracting from the established performance of the appraisers. More than, equal to, less than.

 

[Zoe]

China is like please start the trade war.

 

[Zoe]

Appraisers have contributed to the data cancer issue since before any of us got into this line of work. This isn't a problem that has been created from scratch by AVM usage or the waiver programs.

The measurement of the data cancer problem from the waivers is most appropriately benchmarked as either adding to or subtracting from the established performance of the appraisers. More than, equal to, less than.

George. All CFPB has to do is tell HUD separate APPRAISAL/AMC fee on truth in lending disclosures. CFPB will probably monitor waivers too.

The whole market structure would change.

Sir, your comment makes no sense. You were in law enforcement.

 

[Zoe]

Appraisers have contributed to the data cancer issue since before any of us got into this line of work. This isn't a problem that has been created from scratch by AVM usage or the waiver programs.

The measurement of the data cancer problem from the waivers is most appropriately benchmarked as either adding to or subtracting from the established performance of the appraisers. More than, equal to, less than.

My quote:

The measurement of the data cancer problem from the waivers is most appropriately benchmarked as either adding to or subtracting from the established performance of the appraisers. More than, equal to, less than.

Makes no sense to me.