OPEIU meets with Fannie Mae

[Stephen J. Vertin MAI]

As many on this forum know I am a member of AGA. Today an article appeared in the national union paper called "White Collar". The article basically stated that Fannie Mae officials said they are welcoming a meeting with OPEIU International President Michael Goodwin to discuss the use of AVM's. It also states a grassroots campaign aimed at persuading the AFL-CIO's leadership to use its vast pension holdings (5 trillion) as a lobbying tool to change the corporate strategies of Fannie and Freddie is paying off. The first of a series of meetings has already started. The article also names William Sentner, who has regularly participated on this site through the years. Thank you Bill. It is welcome news in an industry that has seen only recent disappointments. I wish you only success. It would greatly benefit our profession.

Steve Vertin

 

[Jim McGrath]

As many on this forum know I am a member of AGA. Today an article appeared in the national union paper called "White Collar". The article basically stated that Fannie Mae officials said they are welcoming a meeting with OPEIU International President Michael Goodwin to discuss the use of AVM's. It also states a grassroots campaign aimed at persuading the AFL-CIO's leadership to use its vast pension holdings (5 trillion) as a lobbying tool to change the corporate strategies of Fannie and Freddie is paying off. The first of a series of meetings has already started. The article also names William Sentner, who has regularly participated on this site through the years. Thank you Bill. It is welcome news in an industry that has seen only recent disappointments. I wish you only success. It would greatly benefit our profession.

Steve Vertin

Thanks for the information Steve. Can anyone go on-line and read the "White Paper"?

Jim McGrath

 

[Elliott]

Stephen,

Out West we had a little union scandal, where
the head of the pension fund had loaned a
hedge company (the company bet on interest
rates) and lost about $160 million. I think they
came to a settlement and got about half back,
but from attorney's and accountants's who had
ala Enron, said, yep this looks ok to us.

They eventually got a plea from the two in charge
of the pension fund, and they've investigated
the hell out of the hedge fund.

So it would seem prudent for the unions to be wary
of the latest 'scheme' that says 'trust us.'

elliott

 

[Anonymous]

I was wondering if any other appraisal organization has ever demanded and gotten a meeting with Fannie or Freddie.

 

[Stephen J. Vertin MAI]

Elliot:

I can appreciate the comment. Unions have done a lot of good and bad things. In any large organization there are strong and weak suite. Take our Government for example. There is hardly a month goes by with out someone getting caught in some scam. What I appreciate about the union is its ability to push its weight in the direction of helping appraisers. Just as I appreciate the Governments ability to push its weight for the people of United States. You can agree or disagree with my analogy it is simply my opinion. My post was not an advertisement to join it was only in recognition of something I strongly support and that is a level playing field.

It is my humble opinion, most appraisal organizations have done little or nothing concerning AVM's. Since it has already been determined that I have to have a licence and comply with USPAP to value property and AVM's have not, I consider them at a distinct advantage in the market place. Anything, that neutralizes that advantage, I consider a benefit to us all, nothing more.

Jim:

I looked for a web address; however, I did not is it. All I know about is the hard copy. Maybe someone else has information.

Steve Vertin

 

[Eric Boggs]

I saw an interesting bumper sticker on an elevator repair truck today and goes as follows (Best as I can recall.).

Together we bargain...Apart we beg.

 

[Residential Appraisal Ser]

Steve & Forum: We are having meetings with Fannie on a regular basis to make some basic changes in the Fannie system. The AFL-CIO wants its MBS to be safe or as safe as can be expected. They agree with us that not doing an appraisal is not safe. They agree with us that an AVM should be an assist to an appraiser not the appraiser be the assist to the AVM.

We hope that they will see it our way or we may go the way Warren Buffet with Hathaway did. Put our money in safer areas that will benefit appraisers by having MBS that are backed up by an appraisal.

We are also moving on the leglislative front with a number of bills in both the House and Senate.

We ask for all appraisers support by joining the Guild in its efforts to let the appraiser do his job and earn a living. Not put his fee in the lenders pocket for more profit.

Bill Sentner
President
American Guild of Appraisers OPEIU AFL-CIO
RESASINC@aol.com

 

[David C. Johnson]

<span style='color:darkblue'>Steve & Bill (& all):

A friend of mine is a tenured pilot for American Airlines. I met him and his (ridiculously gorgeous) wife and two toddler kids four or five years ago when he telephoned APPRAISCO from the phone book. (Yep, being near first in the Yellow Pages turned out to be worth a buck or two -- every cent of which, however, has been gobbled up several time over via telemarketers for the pitifully underfunded local police and sheriff's departments -- really, something ought to be done about this travesty...) when he was looking for an appraiser to get him out of his PMI (i.e., "Private Mortgage Insurance." BTW: Incredible. Acronyms. Times is certainly changing -- now days we recognize the acronyms but it's the actual term that goes in the parentheses!).

Not only got him out of PMI on his primary residence, we ended up getting him out of it on his other quarter million dollar home too in nearby -- rich as hell -- Cary, NC -- a home he bought several years before as New Construction -- Just to Rent Out! Can you imagine buying such a palace just for the purposes of its leased income steam!? Man! Did I mention "Times is changing?" Research Triangle Park. Amazing. Already fairly seriously overly rich transferees (and their overly pampered families) requiring a fitting place to hangout near work for a while. BTW-3: (maybe the last one) Just how does a damn airline pilot envision and capitalize on such a totally obscure, absurd trend when none of the local real estate community -- including real estate appraisers -- had seen it at all?!

Anyway, (oh, yeah, it's because they have nothing to do but sit there, watch the clouds float, and think) he's told me about the pilot's union. Man, we need what he's got.

Flying back from New Orleans recently (hey, even die-hard single guys have a few girlfriends stashed here and there -- What? -- you thought it was just for married guys, or what? -- damn) and downing a quick beer and a big slice of Airport Pizza in Pittsburgh between connecting flights to Raleigh-Durham International, I couldn't help but overhear another young pilot discussing union business on his cell phone. Guy's absolutely got it made. Even apologized to the other end of the phone that the only reason he was up on everything -- including Amazon's compete best seller list -- was because he's on his second month of standby (or something like that) until they got it together and gave him had a full route. Good comedian too. Had me laughing hard and even mentioned on the phone he had the guy at the table laughing his airline ticket off. Guy's pulling 80 grand (minimum) reading books. Could not be more than 25.

Next time, I'm going to be a pilot -- No, completely serious here

A pilot.

Anyway, the union is a good idea. I'm a member of the AGA too -- it's just that I ain't paid yet. But I will soon.

Things would be a lot easier if I was just an airline pilot.

I mentioned I am going to be a pilot next time around, Right?...

(yep, I did).</span>

OPEIU

(Office & Professional Employees International Union)

(Notice the second hyperlink there)

dcj[/color]

 

[Fred]

Since these leaked headlines are becoming an annual phenomenon, perhpas they should be timed to more closely coincide with April 1.

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AppraisersForum.com
Re: Freddie Mac "No Appraisal" Option Program
Posted By: William Sentner
Date: Sunday, 19 August 2001, at 8:57 p.m.
In Response To: Re: Freddie Mac "No Appraisal" Option Program (Mike Foil)
Mike & Forum: Our President Mike Goodwin of OPEIU wrote a letter to the Chairman of Freddie (see Valuation Mag last issue) that AFL-CIO will not stand by and watch the lending process happen without an appraisal. If this continues to happen they will make plans to pull their investment out of the Maes. (this is considerable 3/4 of a TRILLION DOLLARS.
And the beat goes on. If they think that we are bluffing, we aren't.
Appraisers we need your support in this important fight as well as others.
William Sentner
President
American Guild of Appraisers OPEIU AFL-CIO
RESASINC@aol.com


AppraisersForum.com
Re: Freddie Mac appears to be a fruit case
Posted By: William Sentner
Date: Saturday, 11 August 2001, at 4:41 p.m.
In Response To: Freddie Mac appears to be a fruit case (Steve Keohane)
Steve & Forum: the Guild expects to have a meeting with the Chairman of Freddie this fall. AFl-CIO pension funds are involved with the Maes to the tune of 3/4 Billion and we are not happy campers.
2. The deals that Freddie and Fannie are making with citys are to tie in the local politicos into the program and build political favors when congress comes down on them, which will happen.
We will continue to squeeze the envelope to protect the interest of the consumer and appraisal profession. We are the last protection that the consumer has in the real estate process. Lets not sell out to values as we will be as bad as the people that we are crying about.

William Sentner
President
American Guild of Appraisers OPEIU AFL-CIO
RESASINC@aol.com

 

[larryhaskell]

Stephen, et al:

I have been told by someone that I consider knowledgeable in the appraisal field, that a union such as AGA cannot represent appraisers (federal law) because we are business owners and not employees. They can meet with Fannie & Freddie because they are trying to protect their members pension fund & not necessarily representing appraisers directly. If they are indeed successful, it seems their actions would benefit all appraisers. While it seems apparent that AGA is doing more for appraisers than any other organization, I would like to know if anyone else has heard this take on an AGA/appraiser relationship. I'm giving serious consideration to joining AGA because they seem to have the most clout to help appraisers even if their help is somewhat indirect. Any and all comments would be helpful to us all.