Comments on: Goodbye to AMCs – Citi to Pay $7 Billion

By: Baggins

Baggins — Mon, 04 Aug 2014 21:12:15 +0000

The article really misses the point. If you want government out of the lending industry, there naturally is an accompanying sentiment that taxpayer backed lending and gse’s should also step down. Not sure if that’s a great move though, because we have failed to take the proper initial actions to deter white collar crime. As long as nobody goes to jail for white collar crime, it’s presence will continue to be determined on a profit factor, not a moral or personal protection basis. As long as nobody gets in personal trouble, we can expect more of the same.

By: Retired Appraiser

Retired Appraiser — Fri, 18 Jul 2014 17:58:02 +0000

You state that “AMCs steal profits”. Keep in mind that the vast majority of AMCs stealing those profits are bank owned. In short, banks are holding on to the original billions that they stole from homeowners via deception and paying their paltry billion dollar penalties from money they are stealing from appraisers via their AMCs. Quite an accomplishment, don’t you think?

By: Jack Schlenk

Jack Schlenk — Fri, 18 Jul 2014 15:40:13 +0000

How many appraiser’s in the 2006 – 2008 years were BLACKLISTED, if they did not support the dollar number needed for the lender’s loan.

By: Phil Gray on Facebook

Phil Gray on Facebook — Fri, 18 Jul 2014 14:25:11 +0000

Wasn’t hard to ditch Glass-Steagall. Citigroup will pay $7B and nobody goes to prison. Disgusting. How much money did Citigroup make with their scam? $30B!

By: Donna Corrado on Facebook

Donna Corrado on Facebook — Fri, 18 Jul 2014 13:23:19 +0000

Doubt they will disappear. It’s hard to undo any regulation. Thank Chris Dodd and Barney Frank who added to the nightmare we as appraisers face. So far since the bill was passed I have never gotten a customary and reasonable fee. The AMC’s take a chunk. And w Chase going out of the lending business that means another slump is coming in appraisal work. Remember many lenders wholesale to Chase. While u are preparing appraisals for lenders, those appraisals ultimately wind up at Chase. Will Citigroup follow Chase out of the lending biz? Anyone have a crystal ball?