Joyce Potts
Elite Member
- Joined
- Feb 6, 2005
- Professional Status
- Certified Residential Appraiser
- State
- Florida
http://www.financialsense.com/editorials/reality/2004/0702.html
I know some people are real tired of my ongoing blanket allegations that the appraisal industry was set up to be the scape goat from the beginning, BUT I am as strong in that opinion today as I was when the epiphany first hit me years ago.
The above llink is to a guest article by Larry Levy and, IMO, is one of the most comprehensive, best written articles addressing the appraisal and lending industries I've ever read. If you've never been able to connect the dots, this article will do it for you.
I was so impressed, I e-mailed Mr. Levy and he was kind enough to write me back the following:
[Thank you very much for your more than kind words, Joyce. Obviously there is more to say on the subject of fraud as relates to appraisals and mortgages since that earlier piece. I have continuing interest in the subject, of course, but not the motivation to write an update. My energies are in other areas these days, and I am happy to have the appraisal business well behind me (though it's hard to avoid some contact, given I still have a few friends around the country who remain in the business, stories from neighbors, and headlines in the newspapers).
I've had reports that the "Fraud" piece was circulated in the House Banking Committee. Frankly, something like that was part of my intent for writing the article - for all the good it did. Also, teachers of appraisal at three community colleges asked permission to use the article for educational purposes. I hope it served to help some beginners to understand that their higher role is to serve the public, not give the client what they want for the sake of a fee.
Thanks again, and very best regards,
Larry S. Levy
Former SRPA, SRA, ASA
P.S. You can't retire from the above designations before age 64 and keep them without paying full dues and being subject to continuing education. Finding other more enjoyable means of support, I retired/resigned at age 55. I would otherwise have continued to serve on local and nation committees, but these groups are more backward than most members can know.
P.P.S. Vote "No" on any merger(s) that perpetuates multiple designations.]
Unfortunately, Mr. Levy is out of the appraisal business, so another great one bites the dust.
My prediction:
We're about to see another S&L Bailout, and this time, the appraisers need to unify and stand up because ENOUGH IS ENOUGH.
This mess started at the top (Congress) and the top is where it needs to be resolved. The lending industry cannot continue to have the big money influence and special interest groups helping make the laws with built-in conflicts of interest and loop holes of convenience.
Despite the S&L Bailout of the 1980's and all the appraisal regulation that followed (USPAP and FIRREA), the lending industry continues to make the appraisal industry the bad guy while they continue to pocket obscene profits at the ultimate expense of the tax payer.
:new_2gunsfiring_v1: :new_2gunsfiring_v1: :new_2gunsfiring_v1: :new_2gunsfiring_v1:
I know some people are real tired of my ongoing blanket allegations that the appraisal industry was set up to be the scape goat from the beginning, BUT I am as strong in that opinion today as I was when the epiphany first hit me years ago.
The above llink is to a guest article by Larry Levy and, IMO, is one of the most comprehensive, best written articles addressing the appraisal and lending industries I've ever read. If you've never been able to connect the dots, this article will do it for you.
I was so impressed, I e-mailed Mr. Levy and he was kind enough to write me back the following:
[Thank you very much for your more than kind words, Joyce. Obviously there is more to say on the subject of fraud as relates to appraisals and mortgages since that earlier piece. I have continuing interest in the subject, of course, but not the motivation to write an update. My energies are in other areas these days, and I am happy to have the appraisal business well behind me (though it's hard to avoid some contact, given I still have a few friends around the country who remain in the business, stories from neighbors, and headlines in the newspapers).
I've had reports that the "Fraud" piece was circulated in the House Banking Committee. Frankly, something like that was part of my intent for writing the article - for all the good it did. Also, teachers of appraisal at three community colleges asked permission to use the article for educational purposes. I hope it served to help some beginners to understand that their higher role is to serve the public, not give the client what they want for the sake of a fee.
Thanks again, and very best regards,
Larry S. Levy
Former SRPA, SRA, ASA
P.S. You can't retire from the above designations before age 64 and keep them without paying full dues and being subject to continuing education. Finding other more enjoyable means of support, I retired/resigned at age 55. I would otherwise have continued to serve on local and nation committees, but these groups are more backward than most members can know.
P.P.S. Vote "No" on any merger(s) that perpetuates multiple designations.]
Unfortunately, Mr. Levy is out of the appraisal business, so another great one bites the dust.
My prediction:
We're about to see another S&L Bailout, and this time, the appraisers need to unify and stand up because ENOUGH IS ENOUGH.
This mess started at the top (Congress) and the top is where it needs to be resolved. The lending industry cannot continue to have the big money influence and special interest groups helping make the laws with built-in conflicts of interest and loop holes of convenience.
Despite the S&L Bailout of the 1980's and all the appraisal regulation that followed (USPAP and FIRREA), the lending industry continues to make the appraisal industry the bad guy while they continue to pocket obscene profits at the ultimate expense of the tax payer.
:new_2gunsfiring_v1: :new_2gunsfiring_v1: :new_2gunsfiring_v1: :new_2gunsfiring_v1:
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