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Freddie Mac Fires Top Management

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Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Verwwy Interesting...do you suppose it will spread to Fannie Mae?
 

Austin

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Virginia
GAAP (accounting practices) + Appraisal practices like: size adjustments, extrapolating contrived value increases commonly known as time adjustments, 50 different definitions of market value disguised as reconciliation, 8 different and all totally incorrect methods of making size adjustments, and no system for extracting the correct sequence of adjustments = DEEP DODO


SUMMARY EQUATION:

OUTCOME BASED ACCOUNTING PRACTICES + OUTCOME BASED APPRAISAL PRACTICES = DEEP DODO :eek:

This is just the tip of the iceberg friends and neighbors. Keep making them time adjustments that refect time adjustments created by the Realtors.
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
Never know for sure BUT want to think that letter writing to people who do investigate MAY have had a part in this.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Who is going to be left to finance all those wobbly boxes?
 

Austin

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Virginia
I was talking to George Hatch on another tread yesterday and he intimated something about Fannie about to show her Fannie then today Freddie shows his. Think we should make a time adjustment because the Mae's are showing signs of impending economic obsolescence?
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
What's weird about this is the accounting MINIMIZED the profits as opposed to inflating the profits. Other than trying to not pay taxes, I don't know what this accomplished. Of course, I'm not a high-finance guru.

Roger
 

Tim The Enchanter

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
the accounting MINIMIZED the profits as opposed to inflating the profits. Other than trying to not pay taxes, I don't know what this accomplished. Of course, I'm not a high-finance guru.

No guru here. But perhaps some specific pockets were lined? :rolleyes:
 
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