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Dysfunctional Appraisal System?

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jay trotta

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
Jennifer S. Wagner, Managing Attorney, Mountain State Justice, Inc disagreed with most of what other panelists had recommended when it came to government oversight. She thanked Congress for imposing stricter standards on appraisals under the Dodd-Frank Act and detailed the results she said arose from a less regulated industry before the housing crisis. These included widespread and fraudulent property flipping, bogus refinances, and incentives for appraisal fraud. These all contributed to the avalanche of foreclosures and millions of under-water properties that followed.

Would like to hear more on the "Incentives for appraisal fraud" ??
Just wondering if they reach the volume of; BOA released prisoner credit card overbilling or the other (Banks) with credit card Fraud(s). An interesting piece anyway.
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
We don't want a repeat of the boom/bust , but many investors/ RE agents, and property flippers ( and bankers and mortgage brokers want a repeat, even if it is not PC for them to say that. The indivuual pain of people losing their homes or equity means nothing to them.
They want profits unrestrained by deregulation and it is not possible to profit beyond a reasonable threshold without questionable lending and securities/secondary market complicit in it tactics. .
 
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