Finally!

[Bearslide]

.......someone from the mainstream media telling it like it is. I'd like to see a lot more articles like this. Yes, there are skippy appraisers out there......but they are not the biggest part of the problem. Finally, a writer putting most of the blame right where it belongs.

http://www.newsweek.com/id/138503

 

[Elliott]

"Wall Street's insatiable demand inspired the local shop owner and plumber to go into the mortgage business—what Brancatelli calls "station-wagon brokers."

"There are a lot of former drug dealers who have gotten into the business," adds Ed Kraus of the Ohio Attorney General's office. Many brokers simply invented biographies and jobs for their indigent borrowers, officials say. In one case, says Brancatelli, Kellogg saw a lawn mower in a truck belonging to Williams's husband and declared him a "landscaper" for the mortgage records."

 

[Marcia Langley]

But by 2006, 44.7 percent of all securitized mortgages in the country were stated income or no-document loans, according to Patrick Madigan, an Iowa assistant attorney general.

44.7% ?? Can that possibly be true?

 

[The Bob]

44.7% ?? Can that possibly be true?

Looks a little high. 36% according to this.

http://www.nytimes.com/interactive/2007/11/03/weekinreview/20071103_SUBPRIME_GRAPHIC.html#

 

[athome77]

Although it is nice to see blame being shifted, it is noted in the artical that the MB had the assistance of "friendly appraiser."

(Kellogg's appraiser on most deals, Bruce Hoover, was disciplined by the Ohio Department of Commerce on May 9 for failing to report, on another appraisal, that a home had been previously sold for much less; he did not respond to numerous phone calls asking for comment.)

 

[xmmcsmielr]

Who's to blame?

Many appraisers excuse lies in appraisal reports by saying that loan officers demand ficticious values and cover ups about poor physical condition, about declining values, etc, and those poor appraisers must feed families.

Mierda del toro!

Appraisers who sign their names to eroneous appraisal reports are 100% responsible for their work and CANNOT excuse their approvals with "The Devil made me do it."

Certainly, there are other players in every transaction. If loan officers did not forge anything, and borrowers did not lie about incomes, etc, appraisal reports stemming from "we need at least" requests are completely the responsibility of the appraisers who signed them. No one else.

Until appraisers insist on driving liars from our ranks, we are the ones who bear the lions share of the responsibiliy. The liars among us deserve severe sanctions: revocations, suspensions, jail terms, large fines and firing squads.



Just kidding about executions.

 

[RSW]

I just spoke with a mortgage broker today that said Countywide sent them an agreement to sign that said they would be responsible for the appraisal, title search and some other things. He said he was not going to sign it. I guess he knows how we appraisers feel now.

 

[GCJim]

.......someone from the mainstream media telling it like it is. I'd like to see a lot more articles like this. Yes, there are skippy appraisers out there......but they are not the biggest part of the problem. Finally, a writer putting most of the blame right where it belongs.

http://www.newsweek.com/id/138503

:new_multi::new_multi:

 

[Bearslide]

Until appraisers insist on driving liars from our ranks, we are the ones who bear the lions share of the responsibiliy. The liars among us deserve severe sanctions: revocations, suspensions, jail terms, large fines and firing squads.



Just kidding about executions.

Executions? I LIKE it! Since the State Boards refuse to do anything to remove such appraisers from our ranks, execution is looking good! Seriously - time after time, State Boards have been provided evidence of clear cut, INTENDED fraud - and have ignored it. My latest letter from the state after turning in an obviously fruadulent appraisal, along with pictures to back it up.........."at this time, no formal charges will be pursued."

Enforcement is required - and lenders need to be controlled. What it really comes down to is greed and the fact that no one wants to get in the way of the money machine. Until that changes, NOTHING will change.

 

[GCJim]

Just think about the foolowing quote for a minute or two. Can you imagine this????? This is SICK:

"National and state regulators, meanwhile, paid almost no attention despite pleas for help from the local officials. It was way back in 2000 that Rokakis led a local delegation to the Federal Reserve Bank of Cleveland, asking for help. After much pleading, the Fed scheduled a daylong conference in March 2001 titled "Predatory Lending in Housing." "We asked them to step up and take action," the county treasurer recalls in his office in downtown Cleveland. "But here's what I learned about the Fed. They do wonderful lunches. But the Federal Reserve Bank is not there to protect us. It's there to protect the banks."