- Nov 28, 2005
- Professional Status
- Certified Residential Appraiser
- New York
And you're surprised "Yoda"? Wait! It will Happen that we are the blame - watch...learn....Who Is To Blame For Our Subprime Crisis?
Well, surprise appraisers are not on the list......
the appraisers that succumbed to mortgage broker pressure made it all possible.
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.
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.