‘Spray on Tan’ Was Never An Option
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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.