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Our day has come, our day has come

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JENIFFERW

Member
Joined
Nov 26, 2007
Professional Status
Licensed Appraiser
State
California
I couldn't really get anything accomplished today. At every break between phone calls, e-mails, reports, or inspections, I kept thinking about the client that I "fired", sitting in a Federal jail cell. The memory of how I told her a few times that what she was asking me to do was fraud, and you can go to prison for that. I remember telling her I don't look good in handcuffs. I remember telling her "no", even though I did need the money.:nono: I remember being replaced with a less experienced, less ethical, more "cooperative" appraiser, and thought to myself, "they can't possibly get away with this blatant disregard for the law". I never knew if I would see the day that someone besides me, that had a much stronger message, would tell them the same thing, but in a more powerful way.

I think Pam should take a bow, and relish in recent events. So should every appraiser that has gone without, because they took the high road. Every AF member that has been here discussing, educating, complaining, and hoping we would see the day when consequences exist for those that have exploited, manipulated, and basically just stole from everyone, have to answer for it. The day has come.

http://www.thereporter.com/news/ci_9646836

http://www.usdoj.gov/usao/cae/press_releases/docs/2008/06-19-08MortgageFraudinCAEasternDist.pdf
 
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peturner

Member
Joined
Nov 28, 2006
Professional Status
Certified Residential Appraiser
State
Virginia
Dear JW,
It seems as if these guys could get up to 99 years in jail if the Judge sees fit. Can you say "the wheels of justice turn slowly"??? Congrats to you for hangin in there girl...we are all proud of you.....yes some of so called "leaders" in our own profession should perhaps be gettin nervous??? I saw in the USA Today, yesterday (Friday's) edition that Virginia is in the second wave of things to come......oh happy day.
 

JENIFFERW

Member
Joined
Nov 26, 2007
Professional Status
Licensed Appraiser
State
California
I don't think they will get 99 years in jail, at least not here in California. The State is broke, and I don't even think that is really appropriate. The punishment should be significant though, because the consequences to all of us have been significant, and I don't think we have even begun to realize the full long lasting social impact on our country yet.

I have to say, I am a little nervous. Not because I committed fraud, but because I did legitimate appraisals for this person before the fraud began. I am going to deliberate over the weekend about whether I should just call the US attorney on Monday and let them know that I wasn't involved, and tell them what I know about the situation (person). I do know about some really major things that she (not me) did that they might not know about. I don't really want to go volunteer myself to have to testify, but I don't want to appear guilty by association either. I guess I have a guilty conscience about what I know she did. Someone here has suggested it's better to call them before they call you...I dunno in this situation?

I would actually like to see what everyone's opinion of that dilemma is. I suspect most people here will say call and volunteer. I have a feeling I am gonna end up in a lot of courtrooms, all over the country for years to come, and I have always tried to do the right thing??? Not just because of this case, and I can't tell you here on this Forum about the other reasons. I really don't want to have to travel everywhere, take time off work, deal with the attention it would get, and have all kinds of lawyers trying to make my character into Swiss Cheese. I've been in those situations before, on the side of the prosecutors, so I know the drill. I can take it if that is what is has to be, but I think that is a little unfair. I hope my prediction is wrong. I'll do it for the team though, if I have to.

I'm sure Virginia will see theirs, but probably Florida, California, Nevada, and Arizona are gonna get the most attention, because they have the most people losing their homes. What I really am waiting to see is when or if they get serious with the big bank and investment firm executives, and the politicians that took money from them? Somehow, unfortunately, I don't think there will be blind justice. Only a couple of bones thrown to the general public, like the duo from Bear Sterns (who will probably get out of it after everyone forgets), to make the general public feel like there is equal justice. The general public doesn't see the big picture, only the big 700 arrests number, and the loan officer that screwed them on the front page of the paper in handcuffs. None of this diminishes the fact that the people that got arrested probably deserved it, and that is progress.

For now, I will just try to relish in the fact that I might be poor, but I am free, and know I am morally on the right side of things. I think that those of us that have done the right thing, and suffered for it in many cases, have a future that is brighter now because of all of this. That is probably much better than a lot of people in our industry feel right now.

Oh happy day:)
 

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
PeT...

Cant make it up there this week. I have trial prep either monday or tuesday.

If you share maybe we(forum) will get to read about what happened at a historic flexing of State rights!

Good luck Champ, I know you can argue well.
 
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RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
We had a mortgage broker, title company and attorney here in Knoxville a few years ago that were convicted and sent to prison for fraud. They were selling loans on homes to two different lenders. They would create two sets of documents and the unknowing borrower would sign both sets of docs. They would record one set and make up a second deed of trust for the second lender. This was on very expensive homes as well as average priced homes 0ver several years. They would use the money to make payments on second loan. The girl at the title company got mad at the MB and turned hm in. They all ended up in jail.
 

rcsone

Senior Member
Joined
May 26, 2007
Professional Status
Certified Residential Appraiser
State
Oklahoma
...hard to absolutely predict the future, but I know that the path will have the same distance and stones whether they find you or you go to them....the difference will be that is you go in innocence to them first, they will assist with a fine, comfortable pair of shoes and make sure you are fed and watered and rested right during your travel...best to you.................rs
 

peturner

Member
Joined
Nov 28, 2006
Professional Status
Certified Residential Appraiser
State
Virginia
Jw
I have personally contacted the FBI here in Richmond....I know a lot...about many of the players.....comes with 36 years in the business I guess...However, I beleive that all law enforcement is looking for all the assistance they can get....and what you know probably has immeasurable value to them....I doubt VERY seriously you can be prosecuted...esp since you can prove you fired them.....They are searching for the LONG TERM and ongoing relationships that helped them in their wicked ways. I bet many HONEST appraisers did work for some of these folks going to jail....after all it was their mode of operation.....order an appraisal from a stranger....comp checks...if you cannot hit the number call us....thanks...stop the appraisal...we will get someone else who WILL hit the number....I much rather be Appraiser #1 than Appraiser #2....but as we all know only too well....Appraiser #2 continued to get that business....either because they did not know better, or even worse, they did know better and went along to get along...So long Skippy, thank God.
 

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Since Jennifer knows the perps, she could offer herself as a witness for the people! Do it for free. Show the lead attorney how the appraiser and MB conspired to cook the numbers. We all know how they do it.
 

Kathleen Bryce

Sophomore Member
Joined
Apr 6, 2006
Professional Status
Certified Residential Appraiser
State
Florida
I couldn't really get anything accomplished today. At every break between phone calls, e-mails, reports, or inspections, I kept thinking about the client that I "fired", sitting in a Federal jail cell. The memory of how I told her a few times that what she was asking me to do was fraud, and you can go to prison for that. I remember telling her I don't look good in handcuffs. I remember telling her "no", even though I did need the money.:nono: I remember being replaced with a less experienced, less ethical, more "cooperative" appraiser, and thought to myself, "they can't possibly get away with this blatant disregard for the law". I never knew if I would see the day that someone besides me, that had a much stronger message, would tell them the same thing, but in a more powerful way.

I think Pam should take a bow, and relish in recent events. So should every appraiser that has gone without, because they took the high road. Every AF member that has been here discussing, educating, complaining, and hoping we would see the day when consequences exist for those that have exploited, manipulated, and basically just stole from everyone, have to answer for it. The day has come.

http://www.thereporter.com/news/ci_9646836

http://www.usdoj.gov/usao/cae/press_releases/docs/2008/06-19-08MortgageFraudinCAEasternDist.pdf

CONGRATULATIONS.. Jeniffer You've had a roller coaster year and you now know you did the right things!!

Kat
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
Jennifer,
Boy, what I price we are paying for the the misdeeds of a few.
What's going to change in the future that will make a difference?

The slimmy MBs might not be influencing the appraisal selection
process today, but they'll come back. When someone can explain
why appraiser 'A' was selected to do work over 'B' because they
are truly the most ethical, better educated, more experienced
then I'll begin to accept that things have improved in the appraisal
biz.

I know a corner cutting MB who alway 'picked' his 'go to appraisers',
a few who got fined, suspended, and kicked out of the business.
His broker went out of business and he's just become a LO for a new
bank. He's already established his panel of appraisers and they are
the same as the ones he used before. So what has changed?

All it still takes is a MB, realtor, LO or a seller to just say, "Oh, and
don't use so and so...." somewhere along the selection process
and you've still effectively bypassed all the new regulations.
The ones in jail may no longer be able to choose 'their' appraiser,
but those still in the lending business will figure a way.
 
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