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Newsweek article

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Ken B

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Feb 18, 2004
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Certified General Appraiser
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Most of the posts in this forum blame other appraisers. Didn't you know that everyone is a Skippie except "me and my buddies?"
 

Lost Cause

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Sep 17, 2004
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State
New York
Don't buy the book. Steal it, like the author stole our tax dollars.
 

Kevin A. Spellman

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Aug 30, 2003
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Massachusetts
Who would want to read a book that is written about committing mortgage fraud? I wonder what the statute of limitation in Texas is.
 

Michael Tipton

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Sep 25, 2005
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Certified Residential Appraiser
State
Florida
He is only rehashing what has been stated by others. MB used the loan programs to their advantage, created documentation and went dialing for dollars by contacting as many appraisers as it took to find a "team player".

His biggest criticisms, though, are reserved for mortgage brokers and appraisers. As Bitner describes it, lenders like his company, which underwrote loans offered up by brokers and resold them to giants like Countrywide, spent much of their workdays trying to spot the stupid tricks brokers routinely used to get unqualified borrowers approved for loans. They'd say a buyer intended to live in a house when it was really an investment property. They'd falsify the buyer's income by having a relative pose as his employer, or use scanners and software to forge W-2 forms. They'd find ways to hide debts (like a car payment) by looking for a credit report that omitted key data. They also routinely gamed the appraisal system, encouraging appraisers to look for "comparables" that were far nicer homes in better neighborhoods—all in an effort to drive up the appraised value of the home they were mortgaging.

The article speaks poorly of the MB industry and the ethically challenged "team players" that held appraisal licenses.
 
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Alison Swain

Senior Member
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Sep 13, 2005
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Certified Residential Appraiser
State
Florida
From the article:

"The rate of property appreciation experienced on a national basis over the last seven years was not only a function of market demand, but was due, in part, to the subprime industry's acceptance of overvalued appraisals, coupled with a high percentage of credit-challenged borrowers who financed with no money down," Bitner writes.

The acceptance of overvalued appraisals??? Try the demand, coersion, extortion by MB's for overvalued appraisals if you dare to accurate about it. :leeann:
 

toddmallard

Junior Member
Joined
Oct 4, 2007
Professional Status
Certified Residential Appraiser
State
Georgia
He's just one of the Scum Bags who got away from it. He probably turned states evidence, I wonder if it will keep him out of Jail, The piece of ****!!!!!!!!!
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
They also routinely gamed the appraisal system, encouraging appraisers to look for "comparables" that were far nicer homes in better neighborhoods—all in an effort to drive up the appraised value of the home they were mortgaging.

That's a patently stupid statement. SoCal MBs asked for comp checks
to get the pre-ordained value they wanted. They didn't know a neighbor-
hood from a hole in the ground. While the 'author' might of written what
he thought was happening (so he wouldn't be prosecuted for fraud),
he's playing the dumb card. Nice job Newsweek on getting scammed.
 
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