I can not believe I am suggesting this.

[jturner01]

They have been laying the blame at the feet of the appraisers for so long even though we all know this current crisis had more to do with shoddy lending practices than shoddy appraisal. No interest loans with a low payment for a short time, and promises of refinancing when the time comes. Now all the sudden it is the appraisers fault? Nope. I say let them bear the blame. If they are going to bail all these lenders out than you need to make changes. No more bail outs, that will make them more fiscally responsible, but do you think that will happen? Highly doubt it. I think this would be a more feasible scenario.

 

[Hamlet]

Adam, I know what you are saying and I agree with you, I do not want more government, but in this instance They are the ones who are backing the loans anyway, why not make them responsible for it? If it is broken it needs to be fixed.

Don't get me started on some of those other bogus programs.m2:

Why not make those that made the bad loans responsible? The government oversight was not there overseeing the bad apples in the first place, however that may have been the plan.

I mean, the RE bubble has been carrying this country for the past several years. It is going to be so painful now because the country has been in denial and with the bubble we have a lot further to fall. Not only have people bought homes they could not afford, but people have also been living off of the refi boom to pay their bills in a desperate effort to stay afloat. Now most of them cannot even do that, but the cost of living continues to sky rocket.

IMHO the government allowed this to happen because it served their purpose at the time. Our policy makers are short-sighted and obviously in it for the money and power, not to serve the American people. While the country falls into a depression, our leaders twiddle their thumbs and continue to pander to big business.

 

[jturner01]

Why not make those that made the bad loans responsible? The government oversight was not there overseeing the bad apples in the first place, however that may have been the plan.

I mean, the RE bubble has been carrying this country for the past several years. It is going to be so painful now because the country has been in denial and with the bubble we have a lot further to fall. Not only have people bought homes they could not afford, but people have also been living off of the refi boom to pay their bills in a desperate effort to stay afloat. Now most of them cannot even do that, but the cost of living continues to sky rocket.

IMHO the government allowed this to happen because it served their purpose at the time. Our policy makers are short-sighted and obviously in it for the money and power, not to serve the American people. While the country falls into a depression, our leaders twiddle their thumbs and continue to pander to big business.

Well said Donna. I am all for that however it does not seeem to be a popular idea among our leaders. I would agree it is a time for a change but how do we go about it? None of the current politicians seem to care to make the changes, and the sheeple just recite the montra of whatever political party they follow. It is Sad the state of things but we must continue to be postive and think that things will work out for the better or we will go insane.

 

[Hamlet]

I don't have all the answers, all I know is that our vote is so critical in the upcoming election and beyond. We have to get rid of those sucking the life blood out of our country. I think we need somehow to get the word out to the public all the dirty little secretes of our industry and let them know who is really to blame.

 

[Rufus]

I've often wondered why not have a national database of every appraisal submitted for an FRT. These could only be viewed by other appraisers and any appraiser could leave comments as well as a 1 to 10 rating for the quality of the report.

 

[Wendy]

I've often wondered why not have a national database of every appraisal submitted for an FRT. These could only be viewed by other appraisers and any appraiser could leave comments as well as a 1 to 10 rating for the quality of the report.

I like the idea of a database, but I do not care for the idea of having the report available for any appraiser to see. All I want is to know who appraised it and when.

 

[ghrousseau]

I have been racking my brains about this problem that has plagued our industry and I am not the smartest guy in the world, so I could be wrong on sooo many levels with this, but here it goes anyway.

Why not instead of having a government run system that hands out the appraisals, have a government systems that runs the underwriting? I know I do not like the idea of more government either, (I am neither Republican nor Democrat) but they (we) are the ones who are ultimately responsible for the loans anyway.

There would be no new taxes, there are fees already written into closing statements. It could streamline the process, they could also be responsible for the doc stamps. The sketchy loans and questionable appraisals can have an additional appraisal done on it. I like what someone else brought up of 80% LTV, needs another appraisal.

Again, I am just thinking out loud. I am not claiming to be the brightest in the world, this may not work, but I thought I would bring it up. Feel free to blast me, add to it, We may come up with something that will help our industry. Also please do not revert to political bashing as I have already said I not a democrat or republican, and bigger government does not really appeal to me. I just wanted some feedback and to throw it out there.

Gee..................why not shut down the entire mortgage industry while you are at it. We have VA and FHA loans which are subject to post closing review and audit. Bank loans are subject to audit. Fannie and Freddie loans are subject to audit. There are mechanisms in place that are not properly being applied or utilized. We do not need to pass a bunch of new feel good laws for the ***hats in congress to buy votes with. We need a government and industry willing to enforce existing standards and laws. We need to have consequences for violators of these existing laws, and we need the will to enforce these laws.

 

[toddmallard]

Tom, the government inspects our what?.

 

[jturner01]

Gee..................why not shut down the entire mortgage industry while you are at it. We have VA and FHA loans which are subject to post closing review and audit. Bank loans are subject to audit. Fannie and Freddie loans are subject to audit. There are mechanisms in place that are not properly being applied or utilized. We do not need to pass a bunch of new feel good laws for the ***hats in congress to buy votes with. We need a government and industry willing to enforce existing standards and laws. We need to have consequences for violators of these existing laws, and we need the will to enforce these laws.

Easy, I agree with what you are saying. How could we go about getting these things enforced? I am not being a smart __s, I am tryng to look for answers.

 

[Mike Garrett RAA]

If you like the Post Office, you will love Government Appraisal Supervision Program (GASP)