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Not everybody blames us.

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sammiboii

Freshman Member
Joined
Sep 6, 2007
Professional Status
Certified Residential Appraiser
State
North Carolina
Actually we are mentioned on the list under 1 D.

"Influencing a higher Loan Amount and inflated appraisals (usually in tandem with an appraiser)."

If you think about it, the appraisers that succumbed to mortgage broker pressure made it all possible. None of the loans requiring appraisals would have gone through if some shady appraiser didn't sign their name to it. I had a mortgage broker tell me verbatim "I do 30 - 35 loans a month and if you won't hit our values we'll simply find someone who can." And guess what, he did. Guess what else, that appraiser is still in business. I lost a lot of business to unethical appraisers that made this market the way it is. Of course we've all felt broker pressure, but not everyone gave in to it.

Sam
 

c w d

Senior Member
Joined
Oct 2, 2006
Professional Status
General Public
State
Florida
the appraisers that succumbed to mortgage broker pressure made it all possible.
Sam

True, appraisers were needed. But, the appraiser in this crisis is like the dog that doesn't get fed until he performs a trick. There's no real choice between going along or having to leave the business. That is not choice. It is extortion.
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
True, appraisers were needed. But, the appraiser in this crisis is like the dog that doesn't get fed until he performs a trick. There's no real choice between going along or having to leave the business. That is not choice. It is extortion.

That doesn't release the appraiser from any liability. Now, if the MB held a gun to his head and said, "inflate the appraised value or I'll shoot," then, that would be limit his liability.
 

Marcia Langley

Senior Member
Joined
Aug 26, 2005
Professional Status
Certified Residential Appraiser
State
Missouri
Hmm, that is a pretty comprehensive opinion from a BoA employee.

Notice he very carefully kept the direct blame on the mortgage brokers, didn't mention AMCs at all, and blamed the banks only for their use of mortgage brokers.

That is very consistent with the various "Comments to HVCC" that the majority of the fanancial industry and their regulators have delivered. Including the TAF.
 
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Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
That doesn't release the appraiser from any liability. Now, if the MB held a gun to his head and said, "inflate the appraised value or I'll shoot," then, that would be limit his liability.

Feeding your kids, making your rent/mortgage payment, paying the utility bills and car payments, is the same thing as a "gun to the head." That is why there are extortion and blackmail laws.
 

ezillmer

Freshman Member
Joined
Sep 19, 2007
Professional Status
Certified Residential Appraiser
State
Arizona
We were not the problem during the S&L crisis in 1988 yet we got the blame and they changed our whole industry.
 

Lawrence R.

Senior Member
Joined
Mar 27, 2007
Professional Status
Certified General Appraiser
State
South Carolina
Like hell it is.

Feeding your kids, making your rent/mortgage payment, paying the utility bills and car payments, is the same thing as a "gun to the head." That is why there are extortion and blackmail laws.


I don't think you really believe that..

You act as if appraisers can only appraise or starve to death. That is a false dilemma, and a disingenuous defense of indefensible actions by unethical appraisers.
 
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