for (Commercial Appraiser):

Curtis, you aren’t supposed to be identifying yourself as an appraiser anymore, and especially not advertising yourself as one. CA OREA /BREA Case No.C20130614-04 and OAH No. 2015060734

Readers in full disclosure, Curtis is the only ‘appraiser’ I strongly encouraged AGA to deny membership to, and to whom I suggested a good attorney rather than agreeing to try to intercede with regulators on his behalf. Accusations mean little, but actual findings of culpability, involving 11 cases? THAT is another matter all together.

Even unions have to have standards.

Lol Bags!

The devil is always in the details. Technically FNMA always was a ‘private’ entity…just one that never managed to cut its dependency. I don’t want to go into the weeds about AIG and French re-insurers (besides I don’t know how to spell Societe Generale or make those funny punctuation makers the name is supposed to have in it).

Anyway, they became a GSE or the term was created especially for them.

Here is the problem:

1. FNMA is incompetently run.

2. U.S. taxpayers have and will continue to subsidize risk that FNMA incurs as long as they are either a GSE OR the insured loan underwriters are considered too big to fail (Take a bow Hank-biggest damn theft in world history and no one goes to jail!).

3. IF FNMA and Freddie are kicked to the curb with NO Uncle Sugar backstop, my bet is they will fail like Indy mac did.

4. FNMA has learned NOTHING from past mistakes, except how to make better window dressing for their disastrously risky policies and actions.

5. FHA and the VA or USDA can do everything FNMA is supposed to do. Freddie can be replaced by hard money lenders; or banks that take the time to relearn long forgotten prudent lending guidelines. Of course they will have to be portfolio loans OR pay MUCH higher mortgage insurance premiums because Uncle Sugar will NOT guarantee against insurers losses.

So…yes. Honk if I’m paying your mortgage is still (indirectly) applicable

Actually unwinding FNMA is pretty easy. Remember this simple fact; there is NOTHING that FNMA does that FHA does not already do. Surprisingly HUD/FHA even does it better! Between FHA and VA the FNMA loan limit transactions would not even be missed in the market.

The higher Freddie Mac loan limits could require a special (new) category under FHA. VA already has a “25% Rule” that would cover them. Super Jumbos could always go back where they belong…private investment portfolios-NOT government sponsored, guaranteed or supported entities.

I thought the premise had been that privatization would lead to better risk management practices.  Also I heard that some people have better success jump starting when jamming the transmission into drive at higher speeds.