Fight The Power

[Steve Metz]

I would hire other independent appriasers to do the expert witness part an pay them the hourly rate for expert witness.

My job would be to find the victims of fraud and identify cases that are easy to win. Cases where the fluffed appraisal value is over 25% the correct market value of the home at time of loan origination. The law firm would then file civil actions against the bank. If a pattern of abuse is uncovered then a class action suite can be filed. I would then get a finders fee from the law firm which would be a % of the settlement.

 

[Pamela Crowley (Florida)]

Under those circumstances, that's an excellent idea! Just make sure you do nothing convered under USPAP or your state laws as an appraiser that could possibly be considered a violation of either.

 

[Doug Smith SRA]

Book Ends

Forgive me if I sound goody-goody two shoes but it is difficult to see how this plan works beginning with the Ethics Rule and ending with the certification in SR-2. Given the history you outline, I don't see how this plan even makes it past the definition section which includes the definition of "bias."

To involve pastors in this enterprise is the most reprehensible and sickening aspect of this plan. Homework: Luke 6:31 and USPAP Preamble through SR-3.

Doug

 

[Pamela Crowley (Florida)]

I understand the abhorrence of this idea. I understand the Ethics Rule and the certifications. Along with that, I also understand the consequences of others with a lack of real estate competence and basic life ethics doing what Mr. Metz is suggesting and doing much more harm than good. In fact, we already have hundreds of thousands of examples that what Mr. Metz is suggesting would help put some justice into solving, and hopefully, help to not have happen again. It's very probable this would be best done without holding an appraisal license.

 

[Steve Metz]

I am not selling my appraisal services to anyone with this so I do not see how USPAP would be involved on my end. What I am using is knowledge of the market,banking practices, appraisal industry and of the court system to do a legal Juditsu and get justice for the victims of this fraud that no one in the government wants to prosecute.

Using outside honest appraisers as expert witnesses would solve any bias problem.

Bankers and laywers use thier knowledge of the market, law and court system to extract money from the public all the time. The public has the right to do the same to the lender if there if fraud involved. Most victims are not aware of thier rights. I instances of fraud triple damages may be awarded by the court.

Most of these victims are uneducated and whole comunites have been preyed upon
by lenders and corrupt appraisers. I have seen enough in the past 4 years to see a pattern. I think that local pastors and advocacy groups would like any help to see that this does not continue.

I has been our job to be the watchdogs for the general public and investors. We as an industry have done a poor job in protecting the public trust. This may be one way we can take our industry back and gain that trust. The court system may be the only way as the executive and legislative branchs have been bought by the banking industry.

 

[Karl]

Ameriquest is history and IIRC they settled this with several AGs. As far as CW is concerned, they're all but history. Even if the sale to the big snake goes through, BofA is on record as not wanting anything to do with the loans and will not touch them. If BofA backs out, CW will go BK.

Country wide will NOT go down, by name maybe, but the Portfolio will be saved even IF the government uses us Taxpayers to do it. Being the number 1 Lender has advantages!!! The portfolio that they have; IF it were to go into default we'd need to learn Chinese ASAP.

I think the name will change but portfolio will be saved. And to think the higher up your office is, the more you'll get as a sevrence for destroying the U.S.A.

 

[Karl]

I am not selling my appraisal services to anyone with this so I do not see how USPAP would be involved on my end. What I am using is knowledge of the market,banking practices, appraisal industry and of the court system to do a legal Juditsu and get justice for the victims of this fraud that no one in the government wants to prosecute.

Using outside honest appraisers as expert witnesses would solve any bias problem.

Bankers and laywers use thier knowledge of the market, law and court system to extract money from the public all the time. The public has the right to do the same to the lender if there if fraud involved. Most victims are not aware of thier rights. I instances of fraud triple damages may be awarded by the court.

Most of these victims are uneducated and whole comunites have been preyed upon
by lenders and corrupt appraisers. I have seen enough in the past 4 years to see a pattern. I think that local pastors and advocacy groups would like any help to see that this does not continue.

I has been our job to be the watchdogs for the general public and investors. We as an industry have done a poor job in protecting the public trust. This may be one way we can take our industry back and gain that trust. The court system may be the only way as the executive and legislative branchs have been bought by the banking industry.

This is already in the works in various parts of the country,

 

[Conservative in Virginia]

Well now... I hear the sound of many cans being opened. Whilst you are reviewing those appraisals you may also take a gander at the loan program she defaulted on...the church lady's credit report (at time of Loan), the amount of her down payment, the proof of her income and/or what was STATED by her or the MB as her income to qualify for the loan - check the contract date vs the MLS listing history - forge ahead to see if just maybe the realtor and MB tweeked that too.

I know many a bad appraisal was done but hey.. I bet even some of these poor innocent homeowners who will be ready to jump into a class action suit have some skeletons in their closets.

What a flippin mess... good luck to you tho.

 

[Elliott]

Beware of a man who is offering you the shirt off his back.

How would the SOW and Intended Use be written? "The
intended use of this review is to support a class action
law suit. The client is an appraiser who has solicited
ministers in finding HOs who are perceived to be abused
by mortgage lenders."

 

[J Grant]

what is wrong with getting paid?