Well done Julie!

Yeah but you’ve got to hand it to them, the approach is clever and somewhat inspired. Pass the blame for two centuries of runaway corrupt lending, and all the blame is laid at the feet of individual 1099 workers. Among the last set whom have not capitulated to the lending institutions btw, checks and balances and all. Lenders hope to get rid of these pesky hindrances to their bottom line.

And the premise is flawed from the start anyways. So what if a person was racist, it does not make them incompetent. I deal with racist people all the time, they’re still competent for the most part. We’re constantly discriminated against. But we still get our services as requested. Appraisal valuation theory and approach are written down and codified into guidelines with legal prescient already set. They can shout racism till they’re blue, it will never change the fundamentals of the principals of substitution.

Did the Principal of Substitution get confused, by the Principals of Politics?

Beg my pardon did anyone else lose their face-book membership due to their participation with this blurb? I believe my comment about William of Orange decapitating an “Elisabeth” and starting a thousand-year war between the oranges and the greens of Ireland and having a shot of scotch afterward was at fault for this war with the colored.

William of Orange was also Known as Billy the Viking before he took over Holland et.al. he was really a bad guy.

It’s called The Principle of Substitution, Melanie. Real estate appraisers don’t CREATE value, they just report it based on the facts. The foxes, however, they have a history of redlining, racial discrimination, bias, and taking advantage of people, regardless of their race, sex, color, handicap, etc., all for the purpose of making loans and lining their pockets. Appraisers have zero motivation, none. Are there racist appraisers? I am sure there are, just like there are racist people everywhere, in every profession, and in every corner of the globe. Is it an acceptable practice? Absolutely not, but there has never been shown any proof of system racism, never. So why did it make headlines? So the FOXES COULD GET INSIDE THE HEN HOUSE and get to the money easier! So Fannie Mae and Freddie Mac could bifurcate and chop up the appraisal process and diminish the trust of the appraiser in the eyes of the public, and more bad loans could be made faster and cheaper, and who could get richer faster? The US government, lenders, banks… not the appraiser. Appraiser Independence and the American Economy under siege…again.

I crammed hard to get my hours and classes in, passed my tests and got license in hand as quickly as possible back then, and ran as fast as I could into opening my own firm. My motto and tagline on my business cards was “When integrity matters” and I built my profession around that mission statement. Successfully so, as I am now 25 years into surviving this wild rollercoaster ride and looking to hopefully retire soon. The firm I started in would up suffering bankruptcy the year after I left when their client base stiffed them in over $60,000 in unpaid invoices, and then went out of business entirely when a state complaint was filed on the owner’s license.

Shortly thereafter, we all watched as the house of cards came tumbling down in 2007-2009. It is pretty bizarro world to me to read this article and hear that the same equity stripping, or churning is going on again. Even more interesting that one of the outfits mentioned is one in the very same that was doing it back then and stiffed my old boss by tens of thousands – Fairway Mortgage. Not sure if they are the same people, or just the same name by coincidence. But wow!! History repeats! Spine chilling read for me, actually.

Talk about short term memory on where we are headed. The racist story has clouded the brains of those that are making the laws right now and they fail to see that the very people they are supposedly trying to help…Minorities… are the ones who will suffer the most….and by whom? The Non Lenders and the Appraisers who gave the non lenders the HIGH value number so their deals could close and by doing so they taint the entire lot of us good Appraisers out there trying to do the right thing, do our jobs as we are trained to do and could care less about the racial make up of the homeowners in our process to provide opinions of value.

The saga continues…

Prevalent financial ignorance results in illusionary wealth gain, all a refinance to wipe debt away accomplishes is to place the borrower in to a diminished state with less equity. There are two ways to get ahead in real estate for most people. 1. Track down your principal amount as fast as possible to attain true and complete home ownership, kick the bank out of your life and never touch the equity. 2. Buy and hold, then sell and realize your gains without any lending instruments attached to your profits. If the taxpayer was not backing the lending institutions and the money was solid currency gold silver, very few would be willing to let people leverage this much equity this often. Too big to fail is bucking up again right now. If people walk from millions of mortgages, market corrections will be severe and misplaced improperly associated accusations in all directions will abound. If only it was as simple or easy as blaming one person, wouldn’t that be something.

As the market slides and ‘adjusts’, people are still able to sell out and enjoy margins of gain. At least for most. The time is coming soon that if enough downward price movement happens, there will be no margin left and we’ll see waves of actual foreclosures again. Treasurer notices are jumping nationwide. Agents in their ignorance are price slashing after mere days. As the plunge protection team seeks to deflate the bubble incrementally, hoping to avoid a free fall full pop event. The populace base whom does not understand the dangers of central planning, seeking a brave new world of equality and justice just don’t get it. In their ignorance they blame the people measuring the market rather than the engineers and managers of these markets whom perpetuate a failed model. The problem is from the very top, the fact the government is involved with our money supply, managing our lending and insurance policies in the first place. You ain’t seen nothing yet, just wait.

Wow. The picture becomes clearer. Great article and research Jeremy.