Attack on Appraisers
Remember liar loans of a decade ago? Those same people want to do away with appraisers. My friend and appraisal colleague Ryan Lundquist and I authored a petition on change.org to point out the growing reckless behavior that is enveloping the mortgage process. There’s a proposal from the FDIC, Federal Reserve, and Treasury Department not to require appraisals for some mortgages under $400,000. As we say in the petition, this change can impact several groups in particular: consumers, the taxpayers, the housing market and appraisers. One group not explicitly mentioned in the petition but impacted down the road are real estate agents and brokers....