Not everybody blames us.

[Eli Weiss]

Who Is To Blame For Our Subprime Crisis?
Well, surprise appraisers are not on the list......

http://activerain.com/blogsview/546636/A-Very-Simple-View

 

[Otis Key]

Who Is To Blame For Our Subprime Crisis?
Well, surprise appraisers are not on the list......

http://activerain.com/blogsview/546636/A-Very-Simple-View

And you're surprised "Yoda"? Wait! It will Happen that we are the blame - watch...learn....

 

[sammiboii]

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]

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]

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]

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.

 

[Mike Boyd]

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]

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.]

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.