OCC Calls for Withdrawal of Appraisal Pact

[Brad Ellis]

Moh,

The Countrywide Bank on that list is headquartered in VA. It is a different bank from Countrywide Federal Savings Bank. WAMU is nowhere on the list.

CW is headquatered in Calabassas; WAMU in the Seattle area.

The OCC has their authority over this via two avenues- 1) via the direct supervision of the actual national banks and 2) via input with the other FFIEC agencies who often issue joint policy statements- but they did not in this case- i.e. do this in conjunction with the other agencies.

Both Howard and I are telling you the same thing; hope it clears it up for you.

Brad

 

[moh malekpour]

Brad,
If you noticed, my point was not whether Countrywide and Wamu were national banks or saving banks. It doesn't matter what they are. What matter is that neither saving banks nor charter national banks were adequately supervised.
My point was the OCC criticizing OFHEO is tantamount to POT calling the Kettle Black. You saw the list of charter national banks. Many of them like B o A, City group, Wells Fargo and PNC were heavily involved in residential lending too. How did they do in their residential lending? Any better than those fedral savings? Where was OCC when they were doing those loans?

 

[Tucson Appraisals]

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"believe they should be withdrawn because of their likely adverse consequences" .........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

Mike, I think the adverse consequences that it is referring to is the quality of the appraisals. i.e. form fillers that love AMC work.

 

[Mike Kennedy]

Tucson - "Buz as usual" relies upon "intentional incompetence" and "grabbing ankles".