Author Archive

Appraisal Group sues Countrywide for Appraisal Pressure

An appraisal group in Idaho is suing Countrywide (now Bank of America) for intimidating appraisers and pressuring them to generate reports in line with Countrywide’s business objectives. The suit alleged Countrywide used improper appraisal techniques that benefited the lender...
October 17, 2008

“More Disciplined Appraisals”

This is a little inside baseball, but on a conference call this morning, the chief executive of JP Morgan admitted that his company was taking a much closer look at appraisals and home-loans. Ms. Whitney asked Mr. Dimon, who...
October 15, 2008

New Housing Law will require new FHA Appraisal

From Appraiser News Online: Participants in the new HOPE for Homeowners program, legislation that will provide mortgage assistance to homeowners at risk of foreclosure, will be required to obtain a new Federal Housing Administration appraisal on their property. The...
October 13, 2008

Appraise Your Appraiser

Here is an interesting Q&A with a professor from the Wharton School of Business, where she discusses the appraisal profession. Why are home appraisals so crucial to the home-buying process? Real estate is the most important asset in terms...
October 8, 2008

Freddie Mac Increasing Appraisal Requirements

From Appraisal Scoop, Freddie Mac is modifying their appraisal requirements. Looks like Freddie is requiring an appraisal update from 60 days of delivery of the mortgage. That used to be 120 days and 60 days on the conversion of...
October 7, 2008

Appraisers as Four Horseman of Financial Apocalypse

*sigh* Well, I had hoped that during this real-estate crisis, people would realize that the folks making $300 a transaction are not really the principle parties behind the financial debacle. But sadly, that is not the case. In an...
October 1, 2008

Home Valuation Code of Conduct “start date” will be delayed

The Director of the FHFA, which oversees Fannie and Freddie, says he expects the HVCC to be released shortly. However, the start date of the HVCC will be delayed: Separately, an agreement to reshape the appraisal industry is being...
September 30, 2008

How Washington Enabled a Financial Crisis

Barry Ritholtz writes a satirical Op-ed for Barron’s Magazine, thanking the Government for enabling Wall Street, helping them create this financial crisis. In his piece, Barry includes the failure of Congress to protect honest appraisers. The article starts: We...
September 29, 2008

State Appraisal Appointment May Violate Law

Mitch Weiss, author of a previous news article which details the failures of the appraisal regulatory structure, has written a second article questioning the appointment of a Real-estate attorney to the North Carolina Appraisal Board. According to the article:...
September 23, 2008

The Value of this Bailout

————————————————————– My Plan: If the U.S. Government is going to spend taxpayer money to buy homes from banks, (and that’s essentially what this bailout is) then it would be nice if they got a new appraisal for each those...
September 23, 2008