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Fannie, Freddie NTU Testimony

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Steve Owen

Thread Starter
Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Missouri
I thought this testimony about Fannie and Freddie was interesting. The next great crisis, collapse of the banking system, can be prevented if everyone pays attention. I thought it was interesting that the NTU focused on free market control of these entities and did not discuss the role of, or freedom for, independent appraisers.

http://www.ntu.org/features/ntu_on_capitol...y_06_15_00.php3

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A

Anonymous

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Another thanks for the link.

I read it, went to the NTU homepage, and sent an Email to the V. Pres.

Told him if he really wanted an eye full of the industry, inflated values, fraud, appraiser coercion, etc he should start interviewing real estate appraisers and reading our publications.

Maybe the NTU is the one that can finally fix some of these things, if their big enough ! Everyone should send him a short email, that there are problems in "pleasantville" ! The taxpayer is the one that will bite the bullet on a lot of these foreclosures, and who knows, possible crashes like the former S & L crash.

What do you think ?
 

Dale Smalley

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Ron

While this is interesting reading I don't see how the taxpayer is on the hook for foreclosure defaults. Fannie and Freddie are making a lot of money with stockholders taking the risk. Is there something between the lines in a Enron kind of way.

The problem with the appraisal is that it is a snapshot in time. The values will change over the life of the loan.
 
A

Anonymous

Guest
Dale:

Dont they still have Govt. insurance, like FDIC, FSLIC, etc., plus, the insurance on the FHA loans. And, investors on wall street are still taxpayers.

Values change over time ? Where have you been ? We're all concerned about the inflated values (that's right now, no "time" involved) deals, between Mortgage brokers, LOs, Realtors, and Appraisers. I believe it is more rampant than anyone is aware of.

If the Nat. Taxpayers Union can give a talk to Congress, then they obviously have some juice, and plenty of members. Even so, they put out public pressure through the news media, something NONE of our Associations have done for us.
 

jtrotta

Senior Member
Joined
Jan 16, 2002
From reading a bit of the NTU article, it would appear they are unaffected by Political swaying in one direction or another. Interesting that there is someone out there that actually speaks for the taxpayer's. Now with that said, and all the information the NTU has on statistics; Past Indicators; How much is at stake; and the current request for action, how far do you really think this will go?? and how long do you think it will take???

Suggestions to write and some written are good, but I can't believe that if their is an NTU and the information they brought to that hearing, that they are unaware we exist, (Petition; News Articles & TV stories). Really, the writing has been on the wall for many years, the question is who's paying attention to it??

the lighter side 8)
 

Ruth Potulin

Freshman Member
Joined
Jan 26, 2002
Ron:

Our associations don't have the clout that organizations like the National Taxpayers Union has, that's why they haven't done the same for us. But the American Guild of Appraisers in conjunction with the AFL-CIO will have the clout, with the support of millions of members backing us, in order to speak before Congress and bring appraiser's problems into public view. It's my opinion that our appraisers union is the only real chance we have to take control over the fate of the appraisal profession, because we finally have the opportunity to be backed by an organization with clout.

Our appraiser's union is just getting off the ground and it needs the financial and intellectual support of all appraisers in order to get up and running in full force and effect. Our union has the potential to become more powerful than NAR if we all back it up and move forward as one unified organization. Our appraisal organizations are set up to provide education and timely information that is important to our profession in order to keep us informed. On the other hand, the union has the clout and is experienced in lobbying, working with Congress and handling complex legal situations for their members. The very things appraisers have been lacking all of these years.

I urge all responsible appraisers to join the American Guild of Appraisers. It's only $175 per year for the possibility of making real and very needed positive changes in the appraisal profession.

Sincerely,
Ruth Potulin
 

Brad Pack

Junior Member
Joined
Jan 15, 2002
Professional Status
General Public
State
California

If the Nat. Taxpayers Union can give a talk to Congress, then they obviously have some juice, and plenty of members. Even so, they put out public pressure through the news media, something NONE of our Associations have done for us.
"Our Associations", Ron? Which Association do you belong to?...That's what I thought!

"My" Association does not owe you a [email protected]*# thing, unless you are a member. Yet, when "my" Association (as well as the other associations) works for its members ALL appraisers benefit.

Check this out
http://www.naifa.com/chat/HUD/index.cgi?read=8736

It never ceases to amaze me how non-affiliated appraisers are the first to whine, complain, and slam the various appraisal organizations.

It might be more productive if non-affiliated appraisers put their time and money where their mouth is.....
 

Head Surfer

Administrator
Staff member
Founder
Moderator
Joined
Jan 4, 2002
Professional Status
Retired Appraiser
State
Florida
Please note that this response is not to the previous post or to anyone person in general on this thread. It is just an observation. I usually don't take part in appraisal discussions (1) because I own the board and half of the people will think I am biased against them if I disagree with them, and (2) because I am not an appraiser anymore. In other words I have to watch what I say much more than you guys do so I usually stay away from it.

This is just an observation from a non-appraiser, take it for what it's worth. I am not wearing my "moderator hat" now, nor my "appraiser hat" that I retired in 1997, just someone that can't help to be amazed about one thing...and that is:

When I became an appraiser in 1984 this same type of stuff was going on. I was amazed that there were so many organizations, and that they fought among themselves. Here we are 18 years later and the same thing is still going on and the profession is no better off. There is no one voice to speak for the appraisers that has any clout. Anyone from outside the profession can plainly see that, why can't those within see it and do something about it?

There have been numerous opportunities for the organizations to get together over the years and form something on the order of the National Association of Realtors, or the CPA's or any large nationwide respected professional group. Yet when any discussions of this come up from time to time the appraisal groups have continued to have power struggles, wanting to exclude some groups, not recognize others, thus causing even more groups to be formed because they were excluded and not recognized, etc.

What the profession needs is for someone that has some status and some clout to take the lead and say "Okay, let's form a brand new appraisal organization, with a new name. It's plain to see that what we've been doing in the past hasn't worked. We need to do something that will help all appraisers and that every appraiser would want to be a part of and be proud to be a part of. Something that anyone who becomes an appraiser wouldn't think of NOT joining! Just like the other professions have.

All existing appraisal organizations will be partners in it and their members will automatically be members. The old organizations will no longer exist. We will take this new organzation to a level that the existing organizations failed to achieve by on their own, and will continue to fail to achieve in the future because of the fighting and disagreements amont the organizations.

Make the dues affordable and keep the politics out. Since it is a new organization and it has no past then no one will have problems with it to begin with because there will be no previous bad experiences. If you tried to merge the existing organizations into one of the existing organizations then there are the jealousy and power problems. Sort of like when the AFL and the NFL merged and became the NFL made up of the National and American conferences, the National Conference (the old NFL) still looked down their noses at the American (old AFL) conference. So it must be a new organization to get rid of those problems.

Maybe I am just a simple guy, but why doesn't someone do this? My first guess would be politics, those in power want the status quo, and those not in power can't do anything because they aren't in power.

Just my thoughts, I just can't see why you guys don't get together under one umbrella and the only way to do that is to get a NEW umbrella that is large enough to keep you all from drowning.

Maybe some day...

Okay, you guys can get back to your discussions now... I'm calling it a day (or week or whatever).
 
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