Hang 'em High

[bclery]

IndyMac's failure and subsequent takeover by the FDIC will reveal a disgusting, criminal collusion among Appraisers and Mortgage Banks/Brokers to "make deals work"... similar to orgainzed crime.

No Doc loans peddled by IndyMac required the residential collateral as the sole basis to roll up all the borrower's debt and consumate an inflated sale. Given IndyMac's volume, there must be hundreds of California Appraisers who prostituted their licenses for a mere $350 fee.

In the coming months, the IndyMac perpetrators should appear on CNN in handcuffs en route to their new home at a Federal Penitentiary, probably crying for mercy. But the public will have "No Mercy" for the Appraiser and Mortgage Broker parasites who created unprecedented wreckage in the financial markets.

All appraisal & mortgage professionals who struggled to maintain standards of professional practice, while competing against these criminals, will hopefully enjoy a bag of popcorn while their former competitors are marched off to jail.

The worst of them should get a good 'ol Public Hanging, so no one forgets.

 

[James R]

Deguello!!!!!!!

 

[Offshore]

I don't disagree, but you may want to exercise caution, IM has some fanatical fans in here.

 

[Riick]

I don't disagree, but you may want to exercise caution, IM has some fanatical fans in here.

Alll are now all substantially poorer ......due to their poor judgement.

 

[Lost Cause]

Not Very!

IM has some fanatical fans in here.

They do? How good can a company split off from Countrywide be?

 

[Mark to market]

IndyMac's failure and subsequent takeover by the FDIC will reveal a disgusting, criminal collusion among Appraisers and Mortgage Banks/Brokers to "make deals work"... similar to orgainzed crime.

No Doc loans peddled by IndyMac required the residential collateral as the sole basis to roll up all the borrower's debt and consumate an inflated sale. Given IndyMac's volume, there must be hundreds of California Appraisers who prostituted their licenses for a mere $350 fee.

Let us not forget about allegations of the CEO asking the Chief Appraiser to manipulate data. I would hope that their AVM product is investigated.

 

[timd354]

I am sure that not everyone who worked at IndyMac or appraised for IndyMac and their brokers are guilty. That being said, the guilty ones should prosecuted to the fullest extent of the law.

 

[Jonsey]

Let us not forget about allegations of the CEO asking the Chief Appraiser to manipulate data. I would hope that their AVM product is investigated.

Hehe. I'll be the first to throw down my $1.00 so that we can listen to an experts opinion on the subject.

http://www.octoberstore.com/AVM_Nation_Compact_Disc_p/er092606.htm?click=122

As the mortgage industry becomes more comfortable with AVMs, a growing number of lenders seek to use the technology in new ways and on a greater number of loans. This drive has led to an increased interest in standards, and lenders have honed in on investors and GSEs to gauge their acceptance of AVM-backed loans.
Although some appraisers are concerned about their role, both valuation companies and lenders stand to gain a competitive edge by offering AVMs.

e-Radio Experts:

Kevin Golden
First Vice President of Valuation Strategy
IndyMac Bank

 

[Lloyd Bonafide]

there must be hundreds of California Appraisers who prostituted their licenses for a mere $350 fee.

In the coming months, the IndyMac perpetrators should appear on CNN in handcuffs en route to their new home at a Federal Penitentiary, probably crying for mercy.

You're probably right, but Indymac was a national lender, and California is only 10% of the population of the country. So watch out - we could be seeing some of you Delaware appraisers frog-marched out of their offices, too. :icon_mrgreen:

I do agree with you, that there should be fraudsters prosecuted, and yes, there is no shortage of them in California.

 

[Offshore]

Lloyd that photo is priceless. I can practically see "I Mac" blazened across his sweatshirt. Based on his size there may even be room enough for "Imac Senior Management about to be placed on DOJ approved low carb diet."