Federal Takeover?

[Non Sequitur]

Who is assessing the Risk, when changing Language ?

Great question. I'm not sure anyone knows, which is a big part of the problem. And to add to the mess, the politics of housing. Listening to what Penny Reed from Wells has to say is sobering.

 

[timd354]

Federal Takeover?

Eli probably peed his pants with excitement when he read the title of this thread

 

[Non Sequitur]

Federal Takeover?

Eli probably peed his pants with excitement when he read the title of this thread

Eli, yes and more than a few others who will never admit it publically.

Any thoughts on what Penny Reed or the other panel members had to say?

 

[Non Sequitur]

Well here we go [Bolding mine]:

Don, the timing was a bit serendipitous ... before left for Las Vegas for Valuation Expo I received an invitation to testify before a Congressional subcommittee on " Modernizing the Appraisal for the 21st Century". It is November 16. I submitted a white paper to this committee several months ago and it got their attention. Yes it is time to revisit FIRREA Title XI and DF Title XIV.

Appraisers will like my proposal. The only stakeholders who won't like my proposal are the current regulators. In a nutshell, I propose a single regulator- one set of rules, a single authority. The system we have today is highly dysfunctional .

I'm not knocking Joan, heck no one else has sounded a bell about a Congressional Subcommittee meeting titled "Modernizing the Appraisal for the 21st Century." It's not like that's a topic appraisers would care about, right?

Anyway I'll give JT credit, she's advocating for her clients. Meanwhile I'll stick to my opening statement "Like it or not big time changes are on the horizon, and boots on the ground appraisers aren't in the conversation."

 

[Meandering]

I posted it the morning after they announced this meeting.

or are you referring to the "professional organizations" that should have known prior to them announcing this meeting?

.

 

[Non Sequitur]

or are you referring to the "professional organizations" that should have known prior to them announcing this meeting?

.

Yes. This should be BIG news.

 

[Meandering]

Perhaps they're busy trying to position themselves in the mix. Although, their "support" of residential appraisers has always left a lot to be desired.

.

 

[Adios]

Well here we go [Bolding mine]:



I'm not knocking Joan, heck no one else has sounded a bell about a Congressional Subcommittee meeting titled "Modernizing the Appraisal for the 21st Century." It's not like that's a topic appraisers would care about, right?

Anyway I'll give JT credit, she's advocating for her clients. Meanwhile I'll stick to my opening statement "Like it or not big time changes are on the horizon, and boots on the ground appraisers aren't in the conversation."

I got invited because I met with my Congrssionman, I wrote a paper and I circulated to the right people. You can do the same thing or you can join an association who will advocate for you. It is just that simple. I am advocating for a system that benefits all stakeholders especially the consumer. The only folks who won't like my plan are the status quo.

 

[Restrain]

Joan, in my time, I was active in the SREA, AI, NAIFA, wrote my Congresscritter, etc. All I got was frustrated as the money paid by the banks trumped common sense and any attempt to protect the appraiser. Honestly, we worked better before there was ANY Federal regulation of appraisers. The appraiser was treated as a professional, got a professional fee, and, yes while there were some bad apples, they were more the exception than the rule. After all. All those bad appraisals that took place between 2000-2009 all occurred under Federal regulation of appraisers.

Now, the appraiser has less respect in the industry than a plumber or electrician, seen as an obstruction to making the deal work. Just glad that the wife and I are coming to the end of appraising.

 

[LANoble]

Wouldn't the lobbyists just love having one place to put ALL their lobbying funds. The concept of making each market match would be convenient for corporations while simultaneously destroying the economy. I know it's difficult, costly, and hard for organizations to manage in all 50 states but a national roster of Appraisers/AMCs/Bid Data is beyond ruinous. It would be the the ultimate example of control fraud.

I've no doubt that Joan is smart and a wonderful person who actually believes to be helping "the system" but this is downright selfish. One set of rules and her own little kingdom. Upset Joan or an AMC minion and your out of work. Insanity!