Faulty Appraisals Are "Common Knowledge"
As expected, the appraisal industry is warning congress today. "Faulty appraisals are still dictated by interested parties, the schoolyard bullies of real estate. It's common knowledge that if an appraiser doesn't play the game and 'come in' at whatever value is needed to close the deal, the bullies will take his lunch money. And he had better not tattle.' said Alan E. Hummel, SRA.
"The public..needs to be more aware of the menace of mortgage fraud to their home purchases, the largest investments of their lives. Sadly, all Americans pay the price for this miserable performance, bearing the cost of investigations and financial failures."
"The appraisal organizations say the appraisal standards in H.R. 1295 are our lesson plan to do better." Before you buy that, read this report.