You know they write off those ‘fines’… This caption may be 10 years old by now.

That’s right, it was the predetermined value stated on the order form. My vote continues for fines based on income. The only way mortgage fraud ceases to be a profitable endeavor. White collar crime is not really crime, it’s just regular business with a slightly higher potential for a higher cost of doing business, a decade after the transaction occurred. We’ll look forward to the decade long and continuing amc fraud to be resolved, sometime roughly 10-15 years from now, for dimes on the dollar. The broken record skips on.

So what’s the newest scam? They get away with it, no real consequences for regular workers involved. Tens of thousands of individual mortgage brokers and appraisers, the bosses, and complicit company owners could have had cuffs slapped on, but that did not happen, they did not even get any spotlight or real fines. That’s the most powerful lesson learned and take away. Count me in on the next one because it’s obvious beyond obvious, there will be no penalties to provide deterrent. Those mb’s, appraisers, and people whom facilitated all of that, pocketed all the cash and walked away scott free. Where do I sign up?

I need a comp check…House has to appraise for $XXX,XXX
and don’t worry…. there’s no appraisal review
….it’s going to Countrywide!”

What about this Bob. Lets say they did 2 million appraisals over 6 years at $600 each where $300 went to the appraiser, and $300 went back to the company (they owned and operated as an AMC). That’s $600,000,000 in redirected fees from the borrower, away from the appraiser, and into the banks hands. If they never touched that money, and are paying a $250,000,000 fine today, I’d say their errors resulted in a PROFIT OF $350,000,000. What happens if they invested the original $600,000,000 into the stock market where its doubled in value over the past 15 years? That fine of $250,000,000 today is nothing when their errors result in a PROFIT of $950,000,000.

Seek the truth.

I’ve read about appraisers claiming to do 4 to 9 appraisals a day while working a 40 hour work week with only a single office visit, but in doing 11 to 15 a day, perhaps THEY should be coaching others. Or maybe they just outsource and delegate everything to the Philippines and blindly sign the report without doing reviews.

Seek the truth.