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(English) Appraisal Challenges: Straight from the Battlefield

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6 comentarios
  1. Appraiser Exposes Bank Corruption
    Appraiser Exposes Bank Corruption Dice:

    I am still amazed that appraisers with as much experience as the author still believe that the «intent and desire was to insulate appraisers from lender-pressure». If appraisers truly believe that the intent of HVCC was honorable please call me right away. I have some ocean front property to sell them in Kansas.

    The ugly truth is that banks found a way to use the old 8,000 man appraiser’s petition (over lender pressure) against appraisers. By bringing it up again they were able to force nearly all assignments to go through AMCs (that they conveniently owned). Notice how the original HVCC document prohibited banks from owning a major portion of the AMC; notice how that language disappeared before it took effect.

    To make a long story short, HVCC was nothing more than a ploy by banks to accomplish two things:

    1) Reduce bank competition (mortgage brokers) to a heap of ashes.
    Mission accomplished

    2) Reroute billions of dollars in appraisal fees into the pockets of banks via their solely owned AMCs. Mission accomplished.

    Put a public relations spin on it so that everyone thinks appraisers are being protected from lender pressure, it halts manipulation in the mortgage market, and consumers are being protected. If the consumer asks why their appraisal bill went from $300 to $600 just smile and say it’s the cost of consumer protection.

    HVCC & HVCC 2.0 (Dodd / Frank) were (and are) nothing short of legalized extortion using Andrew Cuomo as a puppet. Ever wonder how millions of dollars magically appeared in Cuomo’s NY Governor’s election campaign fund? Ever wonder why HVCC was scheduled to disappear one month prior to the NY governor’s election? Take a guess.

    It will all be in the book that we’re working on: «The Rape Of The American Homeowner» which will be available soon.

    Responder

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  1. […] sale may be more difficult than he first. The residential appraisal process has gone through a complete overhaul in the last twelve months. It has become more difficult to get the banks to agree on the contract […]

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