‘Spray on Tan’ Was Never An Option

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Angelo Mozilo's Legacy of his Landsafe AMC still Lives Today within CoreLogic

His legacy of his Landsafe AMC still lives today within CoreLogic…

During the housing bubble, I remember thinking about how BofA had avoided the systemic insanity of lending that overtook most mortgage lenders including banks like Washington Mutual… and then they bought Countrywide and all hell broke loose. From the appraisal perspective, I observed them incorporate the Countrywide’s Landsafe Appraisal Management Company into the mix and all of a sudden, they took half of the appraisal fee and applied military-like rules such as 48-hour turn times and 19-year-olds chewing gum who followed long checklists without regard for local market knowledge. Quality appraisers fled. And then banks I loved working with like US Trust were gobbled up and they were forced to use Landsafe too. In 2015 Corelogic bought Countrywide as part of their acquisition binge. Bank of America and US Trust continues to use Corelogic’s AMC and have been reaching out to us intermittently for years to get our firm to work for them. However, CoreLogic, as a big machine, and near monopoly, can’t stop being a stereotypical AMC. That’s bad news for consumers and taxpayers.

Here is a good CNN/Money take on Angelo Mozilo and the damage he caused in the nation’s rush to enable more homeownership. His legacy of his Landsafe AMC still lives today within CoreLogic.

Jonathan Miller
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Image credit flickr - Jagz Mario
Jonathan Miller

Jonathan Miller

Jonathan Miller is President and CEO of Miller Samuel Inc., a real estate appraisal and consulting firm he co-founded in 1986. He is a state-certified real estate appraiser in New York and Connecticut, performing court testimony as an expert witness in various local, state and federal courts.

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4 Responses

  1. Avatar Rick says:

    Corelogic bought Countrywide? Do you mean LandSafe?

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  2. Avatar Helen Rae says:

    The biggest A-holes I have ever seen. Should be in jail F-them

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  3. Baggins Baggins says:

    One time I accidentally referred to my credit union as a bank, while applying for a signature loan at that same credit union.

    The representative set me straight, and made no apologies about it…

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    • That would have been back in the days when they were actually prudently managed credit unions safely lending members money from other members’ savings (share accounts). Before they were permitted by NCUA and Treasury regulations to operate as commercial banks, making loans for commercial purposes to business entities.

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‘Spray on Tan’ Was Never An Option

by Jonathan Miller time to read: 1 min
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