OCC Calls for Withdrawal of Appraisal Pact

[Anthem]

If Couomo has any descent advisers they would be telling him to walk away before he ruins his rep. One thing is for sure he was hoping this would be his Moment of Glory and that doesn't seem feasible anymore.

His next move will be interesting.

 

[Elliott]

Cuomo moved the fastest on this scandal because he could.
Of course, since his agreement, the political turf wars got
organized. I think its funny how this is so oriented about
appraisers, since we were the smallest source of the problem.
There is a laundry list of offenders until you get to the 16th
cog in the wheel, us.

 

[panappr]

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.

This will happen naturally, as there is not enough work to feed the masses. In a frenzy all they could think about was closing loans, now we have a glut of inexperienced appraisers and AMCs to deal with. Todays report from an appraiser who works for LSI: "I haven't seen an assignment in over a week", and his contact told him "They were really slow and all we are dealing with right now is a ton of UW conditions and corrections".

 

[rcsone]

....whose political pocket is Cuomo in? It seems his agreement assures GSE's of AMC/AVM valuations. After all why regulate the problem and expense program creators? When you can change their mailing addresses and letterheads. If it is too much trouble and expense for the national "lending leaders" to maintain qualified appraiser lists, why not let the business retreat to the local providers? And away from centralization?.......rs

 

[Hal Mann]

Why?

The OCC is doing what it does best - nothing.

Oh, they'll make some noise, but it's just lip service.

The only actions we'll see from the OCC is preventing anyone else from cleaning things up.

So, what I want to know is why? Why the active ignorance? Why have the regulatory agencies completely neglected their duties? What's driving this?

 

[rcsone]

.....told or directed to...........rather than the nation default on unpaid energy and import bills, it was decided to "exchange" worthless investment papers throughout the world's financial systems for these account debits.......the due bill is too large to "bequeath" only on US taxpayers, so it was shared internationally.....if this is not so, why has all the proposed regulation sought to maintain status quo with pig's foot nails painted in colors of difference? Some of the Comptoller's concern is stated "...for the cost of mortgage credit to consumers"...plus "...and these lenders estimate that their origination costs may increase by at least 20%-or about $80 more per loan....". There are hundreds of billions of losses for the present system and this is his justification for business as usual? All that has to be done is put the bad loans and the performances that manufactured them back through and to the originating, hugely profitable, historical parties........the bankers and their step-children......the politicians........morality does not dictate their collective behavior---profit or the punishment from loss does..........best to all............rs

 

[Pamela Crowley (Florida)]

The OCC is doing what it does best - nothing.

Oh, they'll make some noise, but it's just lip service.

The only actions we'll see from the OCC is preventing anyone else from cleaning things up.

So, what I want to know is why? Why the active ignorance? Why have the regulatory agencies completely neglected their duties? What's driving this?

Me too, Hal. Me too.

 

[Smokey Bear]

So, what I want to know is why? Why the active ignorance? Why have the regulatory agencies completely neglected their duties? What's driving this?

Guess it's time to see WHO'S on these boards and what their connections are????? They're benefiting somehow, or they wouldn't be doing what they're doing. Follow the money.

 

[RSW]

Why do we have some posts in BOLD. It is really hard to read.

 

[Vivian Bachner]

The OCC is doing what it does best - nothing.

Oh, they'll make some noise, but it's just lip service.

The only actions we'll see from the OCC is preventing anyone else from cleaning things up.

So, what I want to know is why? Why the active ignorance? Why have the regulatory agencies completely neglected their duties? What's driving this?

Hal: A couple of points to ponder ; 1- Cuomo was on the board of a now defunct AMC
2- AMC's stand to make several billion per year 3- AMC's are virtually unregulated. 4 - AMC's provide value insurance. I wonder if they are paying out with all the foreclosures?:Eyecrazy: