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Mortgage Meltdown

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Carnivore

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Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
This part paragraph is great!

"Instead, they're everywhere in the mortgage food chain. Borrowers who lied about their income, mortgage brokers who flogged risky loans, appraisers who inflated home values, lenders that originated dicey mortgages, Wall Street firms that packaged them as securities and sold them, ratings firms that said those were safe investments - many participants in the market pushed the envelope, or, in some cases, may have committed outright fraud."


Remember when FISK downgraded bonds/portfolios because AVM's are unreliable and were a bad risk and then two weeks later reversed that postion! Wonder who got to them or paid them off?


Gee, this is good oppurtunity for us as hired guns. Send me a thousand bad high end loans in NC and I will point the finger at the appraisers who aided the lender!!

It would take me about a year and all I want is $250,000 thousand and recovery will probably be in the tens of millions!!!

Bob, What do you think? You, me, Michael and some others could complete three or four thousand tech reviews in a years time.
 

USPAP Compliant

Thread Starter
Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
The banks bought off the legislators to NOT INCLUDE the appraisers name on the recorded deed of trust in H313 (now SL 2007-176).

The sponsor of the bill, Rep. Walter Church claimed that the appraiser's identity was already public record (it is not) and also claimed that he was an appraiser (is not and never has been).

Last week I sent an email to all NC House and Senate members an offered $500.00 to their campaign fund or to their favorite charity if they could identify the appraiser involved in appraisals on eight addresses. I furnished eight addresses that appear to have been sold at inflated prices. Seven of the eight were non-owner occupied "investor" deals.

As expected, I had no takers for the $500.00 since the information is not public record as was claimed by Rep. Church.

This is all a game to our legislators. Last week a new NCAB member was appointed. He lives in Henderson, NC which is 13 miles from Oxford, NC....home of the last fellow appointed. So much for geographical diversity.
 
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