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Before Anarchy sets in, DOGE will eliminate everything real estate and appraisals. All real estate transactions will conducted through X (formerly known as Twitter) Vivek Ramaswamy will be the Realtor Czar.
With AI, given the property characteristics and location and borrower's creditworthiness and income, statistics would show certain borrower in certain neighborhood least likely to default and appraisals not needed. Wait... do we have that with waivers?
AI will never been able to predict "strategic defaults" by borrowers who can make their payments but choose not to. Of course, neither can appraisers. But we can ensure that the collateral is worth what it's supposed to be worth, and maybe prevent some of those that way.
I, for one, welcome our new insect overlords.
No, reptilians are in charge.
Figures. The best laid plans.....
I can't see why not AI can predict "strategic defaults" given the borrower's financial situation and at what point in loss of equity they will give it back.
Because more than a few of those people had no record of financial irresponsibility yet were perfectly willing to take the hit to their credit rather than honor the terms of their mortgage when value declines were that high. Computers aren't mind readers, the algorithms work off of patterns.
I heard others were decline/got rid of. During recession, my line of credit was left opened.