NY, FirstAM & WaMu article

[Workbox]

Citigroup (Finiti) and Wells Fargo (Rels) have AMC joint ventures with FirstAm.

Any third party software vendors that may have provided services to manage all those appraisals?.........Man, how deep does the "Rabbit Hole" Go?

 

[JoTetherow]

proven appraiser

i would be looking over my shoulder if i was one of those "proven appraisers" that wamu demanded be used......wonder if the AG office will be turning those names and their crap appraisals over to DOS to investigate?

 

[The Dog]

interesting reading at

http://abcnews.go.com/images/Blotter/AG_email_excerpts_1Nov2007.pdf

 

[SmilingDog]

One other way that "E" rewarded the skippees was to implement a tiered system. If you consistently hit numbers, hey you were preferred. There are something like 3-4 tiers, and if you're an honest one you're at the bottom. Simple. "E" is a grind house.

 

[Joshua Fookes]

Appraiser's to take the fall AGAIN

http://money.cnn.com/2007/11/01/rea...primemo.ap/index.htm?section=money_realestate

that's the picture that's gonna be painted. We've been crying foul for how many years now????

And NOW they want to start looking into the pressure placed on appraisers??? NO, they want to blame appraisers for all the wrongs of the lending world's problems.

 

[Joyce Potts]

http://money.cnn.com/2007/11/01/real_estate/bc.apfn.cuomo.subprimemo.ap/index.htm?section=money_realestate

that's the picture that's gonna be painted. We've been crying foul for how many years now????

And NOW they want to start looking into the pressure placed on appraisers??? NO, they want to blame appraisers for all the wrongs of the lending world's problems.

You can't deny that MANY appraisers cooperated. Period.

 

[xmtpedprl]

Wow, WaMu, e-AppraiseIt and First American, all in BIG trouble

In case you had not yet heard, this is huge:

http://money.cnn.com/2007/11/01/rea...ubprimemo.ap/index.htm?postversion=2007110112


http://www.thetruthaboutmortgage.com/

I actually had an argument with a noteworthy e-AppraiseIT person a little over a year ago, all sorts of nasty stuff was said, as thisindividual frowned upon my notion that they weren't everything they cracked themselves up to be. Without going into details, it's safe to say there were plenty of clues this was likely to happen.

And it could be the beginning of something very good for the trade, overall.

Dave...

 

[Joshua Fookes]

It runs through the entire mortgage spectrum," he said. "Everyone is relying on the appraisal ... The appraisal is really the linchpin of the home buying transaction."

It was nice to see that they mention that the AMC's and lenders were cherry picking their appraisers. We may actually make some progress on this front.

Josh

 

[Joyce Potts]

In case you had not yet heard, this is huge:

http://money.cnn.com/2007/11/01/real_estate/bc.apfn.cuomo.subprimemo.ap/index.htm?postversion=2007110112


http://www.thetruthaboutmortgage.com/

I actually had an argument with a noteworthy e-AppraiseIT person a little over a year ago, all sorts of nasty stuff was said, as thisindividual frowned upon my notion that they weren't everything they cracked themselves up to be. Without going into details, it's safe to say there were plenty of clues this was likely to happen.

And it could be the beginning of something very good for the trade, overall.

Dave...

Please peruse New Posts--it's all over the place. I'm sure this will be merged in with all the others.

 

[deturner]

interesting reading at

http://abcnews.go.com/images/Blotter/AG_email_excerpts_1Nov2007.pdf

These emails are just amazing (and it's only excerts from some 50 or so). I wouldn't be surprised if this is a typical conversation between all AMC's and their Lenders (especially if the AMC is owned by the Lender).

It's about time this can of worms was opened. I knew there was a reason (besides being honest) that I didn't cave to these people and their "value hitting" ways.

I truely can sleep well at night knowing that they will not be coming for me.

Think I'll celebrate tonight :new_all_coholic:
(Anyone in the Charlotte area up for an appraiser meeting at the local Pub?)

DaveT in NC