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OCC Calls for Withdrawal of Appraisal Pact

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LordofTexas

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Joined
Feb 21, 2008
Professional Status
Certified Residential Appraiser
State
Texas
Quoting the Beach Boys, "Wouldn't It Be Nice".
 

rcsone

Senior Member
Joined
May 26, 2007
Professional Status
Certified Residential Appraiser
State
Oklahoma
......I wonder where his opinion, regulators, and attentions were over the past few years.........are not any of those HE supervises involved directly and indirectly with "troubled" SRF loans or did all of them travel to and now through, like in sh-uff, the GSE's. Let him regulate those repurchases......so they can be charged to P & L of his "wards" of examination. Gerald Cassidy(who I never heard of and only use as a source from somewhere else...) of RBC Capital expects the number of banks to go down from 150 to 300 in the next few years. According to Gary Holloway who was brought back from the old, efficient RTC days there were 76 "troubled banks at the end of "07...". These superior/supervisory folks were where in the S & L failure days? Now the crap was run through the other side of banking, called investment, and the taxpayer is on the hock/hook to pay for SternBears pre-planned debacle? With more fraud passed to the foreign investors who can collect nothing without more airplanes, bombs and tanks.....This was orgainized, permitted theft for and from the "higher ups" with guys like Dugan, the silly one at FDIC and probably the thrift and credit union superior-visors taught to look another way while the pieces are created to fall and gathered up again by wreckers for profit---pass the loss, retreive the profitable parts.........in China and other parts of the world is not "criminal public betrayal by malfeasance" a capital offense?.......bring back the Louie solution lacking heckling from the audience or vegetable/offal throwing....afterall these "public servants" just did as they were told..........the *****s control the nunnery..........and their virtues are only implied without warranty and are to be accepted minus any verification...........best to all.........rs
 

moh malekpour

Elite Member
Joined
May 25, 2002
Professional Status
Certified Residential Appraiser
State
California
OCC regulates and supervises banks to make sure that they do safe and sound lending. Banks like Countrywide and WAMU and other chartered banks.
OFHEO regulates and supervises the Fannie, Freddie to make sure they do safe and sound lending.
Now, these two regulators cannot agree on how to solve the appraisal problem. OCC tells the OFHEO not to cut off banks from ordering and controlling appraisers because it would cost the consumers more money.
Obviously the OFHEO has gotten many suggestions, comments and letters from all interested parties to revise or withdraw the code. I am not sure if they are going to withdraw but it seems that they may have to revise the HVCC to satisfy the big banks.
This is interesting to watch and see what happens next
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Appears Mr Dugan got caught with his pants down ........and is embarassed. Perhaps the little sign on his door might give others a clue .......

"the buck stops..........>>>>>>>>>>>>>>>>>>>>>>> "



"believe they should be withdrawn because of their likely adverse consequences" .........

i.e. my golf buddies told me to say that. Buz as usual - at all times...............the Consumer be damned!
 

FBN2007

Sophomore Member
Joined
Mar 26, 2007
Professional Status
Licensed Appraiser
State
Maryland
My prediction is that if HVCC stands as written it will eliminate the mortgage broker industry and cause 50% of appraisers to leave the business. Fannie and Freddie only agreed to this to avoid being sued by Coumo and having more of their dirty deeds exposed. I say let him sue and put the bad guys in a cell with Bubba.
 

athome77

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Apr 1, 2008
Professional Status
Certified Residential Appraiser
State
Illinois
It would be interesting to see what Cuomo actually came up with at Fannie and Freddie.
 

ghrousseau

Member
Joined
May 5, 2006
Professional Status
Licensed Appraiser
State
Virginia
My prediction is that if HVCC stands as written it will eliminate the mortgage broker industry and cause 50% of appraisers to leave the business. Fannie and Freddie only agreed to this to avoid being sued by Coumo and having more of their dirty deeds exposed. I say let him sue and put the bad guys in a cell with Bubba.


Just about spot on. I think we will still see some major changes this year, but nothing quite as onerous as the Cumo agreement.
 

Bama Bayou

Senior Member
Joined
Oct 19, 2006
Professional Status
Certified General Appraiser
State
Alabama
My prediction is that if HVCC stands as written it will eliminate the mortgage broker industry and cause 50% of appraisers to leave the business. Fannie and Freddie only agreed to this to avoid being sued by Coumo and having more of their dirty deeds exposed. I say let him sue and put the bad guys in a cell with Bubba.


I'm not sure if eliminating the broker industry is a good thing, but getting rid of the worst 50% of appraisers would be a good start. Unfortunately, the HVCC will get rid of the best appraisers.
 
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