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Don't Bet The House

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Austin

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Virginia
It is inconceivable to me that rational people could standby and allow something like this to happen. Encouraging home prices to increase in order to increase equity that can be taken out and spent to spur the economy is sick, sick, sick. It is a fraud and people should be put in jail for allowing it to happen and most appraisers are participating in the scam. This scam is far worse than anything that Enron, World/com, or CONSEC ever conceived of.
My dad told me a story once that illustrates how this scam works. Up in the north country the Eskimos had a trick for killing wolfs. They would take a double edge knife and hone each cutting edge until it was razor sharp. They would then soak the blade in salt and bury the handle in the ice with the blade sticking up. The wolf would smell the salt, start licking the blade, and with each lick the blade would lash his tongue causing it to bleed. The more the wolf would bleed the better it tasted and the faster the wolf would lick. Finally, the wolf would drop dead in his tracks because he had consumed his entire blood supply. Does any one see any similarity to this story and what is happening in our economy?

PS: Did you read my post on this board about Fannie Mae and Freddie Mac’s refusal to cooperate in the congressional investigation of their activities? They got caught in their own little scam operation. You guys just wait, one day the chickens are going to come home to roost and the appraisal community is going down with the ship. These low interest rates are the straw that will break the camels back because when rates go back up prices will stabalize or come down destroying any equity or worse create negative equity and then the sky will fall.
 
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