Title Xi 2004 Georgia's Board Was Correct!

[Mike Kennedy]

http://banking.senate.gov/_files/clark.pdf and way ahead of the Curve.....

 

[USPAP Compliant]

Mike,

Clark is gone. No longer at the GA board. He lost his fight and the ASC is still in business.

This little temper tantrum was just prior to Hell breaking loose all over GA as far a mortgage and appraisal fraud was concerned. If Mr. Clark and Georgia had spent less time and money fighting the Civil War and shouting "states rights", the citizens of GA would have been (and would be today) better off.

GA and other states that failed to protect the public and discipline dishonest, unethical and incompetent appraisers created a perfect environment for mortgage and appraisal fraud to grow.

Look at the states that spent the most time fighting the ASC and TAF and you will find the highest levels of fraud.


http://www.mortgagefraudblog.com/index.php/weblog/C13/

If Georgia does not convince you, try Florida, Colorado and Illinois.

 

[USPAP Compliant]

http://www.fbi.gov/publications/fraud/mortgage_fraud06.htm


Key Findings

Top Areas for Mortgage Fraud

Analysis of available law enforcement and industry resources indicates that the top ten mortgage fraud areas are California, Florida, Georgia, Illinois, Indiana, Michigan, New York, Ohio, Texas, and Utah. Other areas significantly affected by mortgage fraud include Arizona, Colorado, Maryland, Minnesota, Missouri, Nevada, North Carolina, Tennessee, and Virginia.
There is a strong correlation between mortgage fraud and loans which result in default and foreclosure.

 

[Fred]

That list of the states includes most of the population. They are probably responsible for most of everything: good or bad.

 

[USPAP Compliant]

Just reporting what the FBI says........



FBI and Industry Respond to Escalating Mortgage Fraud

The FBI is proactively working with the mortgage industry in an effort to curb mortgage fraud crimes. On March 8, 2007, the FBI signed a memorandum of agreement with the MBA to promote the FBI’s Mortgage Fraud Warning Notice (see figure 5). The Notice states that it is illegal to make any false statement regarding income, assets, debt or matters of identification, or to willfully inflate property value to influence the action of a financial institution. Under the agreement, the MBA and the FBI will make the notice available to mortgage lenders to use voluntarily as a means of educating consumers and mortgage professionals of the penalties and consequences of mortgage fraud.10

 

[Mike Kennedy]

Mike,

Clark is gone. No longer at the GA board. He lost his fight and the ASC is still in business.

This little temper tantrum was just prior to Hell breaking loose all over GA as far a mortgage and appraisal fraud was concerned. If Mr. Clark and Georgia had spent less time and money fighting the Civil War and shouting "states rights", the citizens of GA would have been (and would be today) better off.

GA and other states that failed to protect the public and discipline dishonest, unethical and incompetent appraisers created a perfect environment for mortgage and appraisal fraud to grow.

Look at the states that spent the most time fighting the ASC and TAF and you will find the highest levels of fraud.


http://www.mortgagefraudblog.com/index.php/weblog/C13/

If Georgia does not convince you, try Florida, Colorado and Illinois.

Did you read the link posted? Federal Fiat mandating STATE responsibility for Enforcement absent FUNDING and Federal Agency ENFORCEMENT - makes it a STATES' RIGHTS ISSUE. Is not reasonable to fund the coffers of the State Appraisal Boards and earmark the MILLIONS of Appraiser $$$ fees paid to the Feds exclusively for STATE ENFORCEMENT OF BOTH FEDERAL AND STATE APPRAISAL LAWS? The #1 State defense for inadequate Enforcement is $$$$ and Adequate Staffing.

 

[Mike Kennedy]

Just reporting what the FBI says........



FBI and Industry Respond to Escalating Mortgage Fraud

The FBI is proactively working with the mortgage industry in an effort to curb mortgage fraud crimes. On March 8, 2007, the FBI signed a memorandum of agreement with the MBA to promote the FBI’s Mortgage Fraud Warning Notice (see figure 5). The Notice states that it is illegal to make any false statement regarding income, assets, debt or matters of identification, or to willfully inflate property value to influence the action of a financial institution.

Under the agreement, the MBA and the FBI will make the notice available to mortgage lenders to use

voluntarily ********<<<<<<<

as a means of educating consumers and mortgage professionals of the penalties and consequences of mortgage fraud.10

Political Lip Service.*******<<<<<<<

 

[Terrel L. Shields]

the GAO’s discovery that 22 (41%) of the States believe that the ASC should
be eliminated and only 17 (31%) of the States would retain the ASC.​

The heavy hand of the subcommittee annoys a lot of people
[FONT=TimesNewRoman,Bold]

[FONT=TimesNewRoman,Bold]the GAO 2003 Report makes no analysis of the cost efficiency of the ASC’s doling out over​

[FONT=TimesNewRoman,Bold]$9,000,000.00 tax dollars to the Appraisal Foundation to develop standards and qualifications[/FONT]​

[FONT=TimesNewRoman,Bold]without any competitive bidding
[/FONT]

.
​

what other federal agency sets rules for professions?

requiring appraisers to purchase the Uniform
Standards for Professional Appraisal Practice (USPAP) from them at a per copy cost of
$30.00. Since those Standards are required by law, they should be available at no cost
to the public just as any other law is.​

I don't mind them selling it, I don't think it should carry a copyright nor do I think TAF should be private
[FONT=TimesNewRoman,Bold]

[FONT=TimesNewRoman,Bold]the GAO 2003 Report failed to probe​

[FONT=TimesNewRoman,Bold]fundamental questions ​

​

[/FONT]

such as:

a. why have federal regulation of appraisers when no other trade or profession is regulated
at the federal level?​

we deregulate the banks but regulate individual appraisers...go figure.[/FONT]​

[/FONT][/FONT]​

[/FONT]
​

 

[USPAP Compliant]

The lack of money for state appraisal boards is the fault of the state governments that allow it. The states have the money and choose how to spend it.

NC has a budget of over $1,000,000 per year....100% funded by appraisers. No tax dollars at all.

Some other states choose to steal the money from appraisal board income and send it to the general fund. Others choose to underfund their appraisal boards due to lack of understanding of the cost/bnefits.

Every state appraisal board should be independently funded. If not solely from appraisal fees, perhaps a tax of $1.00 per deed transfer or loan closing.
Many of the state boards that claim not to have enough money to do their job often find enough to pixx away on travel, conventions, free lunches and other nonessential items.

We have a FUNDING problem with state appraisal boards. Money spent on enforcement is a great investment. Each foreclosure costs all levels of government and the tax payers. Get rid of the appraisers that inflate value and it will lessen foreclosures. Each foreclosure results in costs for court time, property taxes not being collected, crime, burdens on social services
etc.

Money spent on appraisal enforcement is a bargain compared to the results that follow if it is not spent.

The "deregulation of banks" did not reduce regulations. It primarily allowed banks to cross state lines and to make mortgage loans.

 

[Francois K. Gregoire]

http://banking.senate.gov/_files/clark.pdf and way ahead of the Curve.....

Here is the GAO Report referenced by Charles Clark:

http://www.gao.gov/new.items/d03404.pdf

Take a look at page 42 for the survey of states.

FTR, state regultors often must take an oath of office pledging to support, protect and defend their state constitution, laws, rules and regulations. Protecting the rights of their state is one of those obligations. Surrendering the rights of the state to the ASC, the AF, the ASB and/or the AQB is not part of the oath in my state.