July 2008 ASC Q&a- Wink Wink Comp Comp

[Hamlet]

No, it wouldn't. I am not coming FROM anywhere.

It's this simple. I think this months QA's responses are correct. Almost all of them are. I don't think the ones in March were correct. June of last year (and AO-18) are unintelligble at best.

Can USPAP be changed to get rid of "bad" comp checks only? I don't see how. Does value shopping by MBs make loan portfolios risky? Yes. Would getting MB's out of selecting appraisers make a sounder loan market ? Yes. Is there anything further in this topic worth discussing? I don't think so.

Yeah, except we didn't really need USPAP Q&A to announce that appraisers can work for free. :Eyecrazy:

 

[PL1957]

Rhetorically speaking MB's should be lined up and killed! :new_2gunsfiring_v1:

Just for you, how is figuratively speaking MB's should be lines up and ...

Not to be contrary, but some MB's are my favorite clients ...

Generalizing is usually dangerous.

 

[Hamlet]

Not to be contrary, but some MB's are my favorite clients ...

Generalizing is usually dangerous.

Of course we aren’t talking about the good MBs and of course there is a distinction. Like everything there are good and bad and a few bad apples spoil the whole barrel. Were it not for the prevalence of the bad MBs, we would not have this discussion.

 

[Offshore]

It is not a surprise that the Q&A affirmed that appraisers may provide an opinion of value if it is USPAP compliant. After all that is what we do for a living.

What is a surprise is that a few otherwise knowledgeable appraisers are having such a difficult time grasping the concept.

Mr. Raney, aren't you the one who never would define your own term of "get value"?

 

[Mark to market]

Mr. Raney, aren't you the one who never would define your own term of "get value"?

Mr Offshore,

My very first post on this forum some years ago introduced a 1 page USPAP compliant restricted use form that could be used for doing comp searches. For my efforts to bring light on the subject, the comp search mob barraged me with names running from prostitute to skippy. Others suggested calling my board and reporting me. Some even called my home and left unpleasant messages.

That you, under a previous name, were a part of this I have no doubt. I also have no doubt that I will ever receive an apology. If at the time I stopped posting and did not respond to you please forgive me, but dealing with a mob mentality filled with ignorance and bias was at best unpleasant.

You rather remind me of the knight in a Monte Python movie who with no legs and no arms kept shouting come back and fight, even though every time the 2nd knight came back the first would loss another appendage

You like the first knight have lost and do not even realize it.

On the bright side though you have convinced me to start a new thread next week which will deal with USPAP permitted ways of performing a comp search. You are invited to look in.

 

[Michigan CG]

Not to be contrary, but some MB's are my favorite clients ...

Generalizing is usually dangerous.

Of course the omission in this statement might be that you guys most likely haven't done a residential report in years....ever...?

 

[Joyce Potts]

There not having trouble grasping anything except that they(and I) are almost powerless to do anything about the problems we have in the industry.

Yes, I say "No". Not because they can not be done legally, but because they are a non-profit exercise in futility when it comes to lending assignments. On the other hand it is a very useful service when I have legal assignments as I do currently. It is also useful service when I complete estate planning work.

Rhetorically speaking MB's should be lined up and killed! :new_2gunsfiring_v1:

Does anyone really think the lending industry is genuinely concerned about cleaning up anything?

Just like 18 years ago, they're going to put on the dog and pony show of concern and outrage and promote the appearance of change, when all they're really doing is setting themselves up again for future booms.

 

[Michigan CG]

Does anyone really think the lending industry is genuinely concerned about cleaning up anything?

Just like 18 years ago, they're going to put on the dog and pony show of concern and outrage and promote the appearance of change, when all they're really doing is setting themselves up again for future booms.

Joyce, you and I tend to disagree sometimes, but you are correct on this. Just visit Broker Outpost or the other one and you will clearly see that the attitude is business as usual.

Commission based performance results breeds greed and a lack of ethics and morality.

 

[Joyce Potts]

Visit Broker Outpost? Go read my posts on Broker Outpost. Their initials are descriptive, IMO. BO

 

[The Warrior Monk]

Does anyone really think the lending industry is genuinely concerned about cleaning up anything?

Probably now they are. Funding is becoming a problem and the feds are breathing down many lender's backs. Change won't happen overnight, but it is in the works.

Fact is, everybody wants to make money and nobody wants to lose money. Everything was ignored because it didn't matter; now it does.

Just like 18 years ago, they're going to put on the dog and pony show of concern and outrage and promote the appearance of change, when all they're really doing is setting themselves up again for future booms.

It's going to be a longer and harder lessen this time for many reasons. Everything from foreign investment to printing up more greenbacks to the US deficit to the future trend in energy costs.