Feds Deny Public Hearing
The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency have denied the request for a public hearing on raising the appraisal minimum threshold for residential real estate transactions from $250,000 to $400,000. See the “agencies” rejection letter here.
…we do not believe that holding a public hearing would elicit relevant information that could be conveyed through the comment process described above. While the agencies are, therefore, declining your request for a public hearing, we will carefully consider your written comments…
The American Society of Appraisers, The Appraisal Institute, The American Society of Farm Manager and Rural Appraisers, MBREA, The American Guild of Appraisers, RICS, and the National Association of Realtors, all requested a public hearing on the proposal. All of these organizations have raised concerns about the safety and soundness of the real estate market and consumer protection. These organizations are a strong representation of industry stake holders that have been ignored!
To see the joint comment letter from these organizations, click here.
The comment letter from the National Association of Realtors can be found here.
The ASA issued a press release describing the “agencies” actions in detail. From the press release:
The denial of a public hearing is not only inherently undemocratic, but makes it appear that the Agencies’ mind was set on the increase even before their solicited written comments. Despite myriad good reasons NOT to increase the threshold, the Agencies will instead enact a regulation that harms homebuyers and runs directly counter to Congressional intent. This, to me, is the definition of an agency acting in an arbitrary and capricious manner.
The Federal Agencies and our Representatives work the taxpayers. Contact the White House and your Federal Representatives. Demand action to be taken.
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It is also UnRepublican and UnAmerican. This would potentially remove any consumer protection for ALL but the wealthy. We are supposed to trust banks now who are using 99% Fed money for lending?? STOOPID.
The Federal Reserve. 100 years of not being federal, and not having any reserves. What if I told you a consortium of private bankers counterfeited 100 trillion dollars of your money and then lent it back to you with interest, while providing ultra wealthy first receivers of money, paid interest simply for borrowing ahead of you? Arguing with the fed is like talking to a brick wall, they need to be shut down entirely.
Thanks AppraisersBlogs for reposting!
This deal was bought and paid for, just another bit of Trump style corruption
Give it a rest, mind controlled fake news digesting zombie. The federal reserve has been around for over a hundred years, and this is the same thing they’ve always done. What is it like to be a parrot in a cage always screeching RED BLUE RED BLUE? Do you need a political cracker or what exactly is your problem? Let’s blame trump, for all the problems that a private consortium of international bankers whom has been extorting politicians and counterfeiting money for over a hundred years, it’s all trump’s fault. Do you even listen to yourself or are you one of those puppets on strings? Attitudes like that are the reason he won in the first place, by all means, keep it up. We’ve got a brand new Emmanuel Goldstein lined up, just for you.
Wrong place for political opinions, and we all have one.
This administration is all about cutting the red tape for big businesses…….. which is what is happening. If something else is happening here, please let us know.. It’s all excuses until you are the one that is affected.
It’s not rocket science and if you don’t understand the motivations of the Federal Reserve are to defraud Americans at every possible stop, you’re still in the kiddie pool. It’s all politics, it’s the Federal Reserve. They are not federal, they are a private consortium of international bankers, always have been. The person responsible for this apologized a long time ago, but the people have yet to bother to become properly educated on the matter.
It’s not a political opinion, if you can’t see the that Trump and his crony’s are selling out to the highest bidder then you are naive. “Draining the swamp” was a big con. The only red tape that is getting cut is for the big banks, the appraisers aren’t seeing any change in the red tape.
Please, get over the hyperbole. Informative article and quote provided below on this matter (from Zero Hedge, a later post). Do you think people get to upper levels of government because they’re nifty, honest, and have the peoples best interest in mind? Several upstart idealistic congress persons provided disclosure on what they actually do with their time on the hill, the majority of it. This was the ‘dialing for dollars’ disclosure scandal from the hill, so to speak. Link included to just one article but there are a great many of them to choose from. I liked this one because of the telemarketer quip.
Now the individual citizens like you and me of this country have a choice to make. We can vainly pretend the ‘other candidate’ could have approached this system of ingrained corruption and corporate abuse of the lobbyist system any differently, or we can get our heads out of the sand and look at the larger picture that it is the influence of the corporations in government that are actually the root cause of the most serious problems we face. How differently the politicians might have behaved if the corporations and lobbyists had not so successfully usurped representative governance for all these decades, continually ramping up their efforts. One of the current presidents first actions was to eliminate a huge swath of lifetime lobbyists, but that did nothing to effect the current influences of long term members whom were already installed under the pay to play candidate structure. Professional influencers on both sides are fighting fiercely and will say and do anything to reinstall that process, desperately hoping that rather than arguing facts and merit, they can slander and use emotional appeals to crawl their way back to an incorporated mouthpiece within government. As one major mouthpiece which is unrestricted lobbyist influence was slightly muzzled, corporations have turned to their other most readily available source of influence, the major and syndicated media. Other interesting disclosures from the hill point to stats which are highly variable because the process is so secretive, but some estimate that 90% or more of all ‘proposed legislation’ brought to the floors of upper level representation, both congress and senate, is written by the corporate lobbyists. I’m sure you’re heard the term, never actually read the bill. Even in our own appraisal industry, former heads like Mr Biggers, when he approached the hill with tens of thousands of letters, a major company backing him with funds, and backing from the majority of the industry (at that time), was asked how much money he was willing to part with to buy those votes. This is a true story he told me this personally in one of the brief communications I ever had with him. Unless he could have afforded to buy out the federal reserve itself, such efforts only result in short term effects, it’s a david vs goliath scenario. The fed never stops and never sleeps.
When the emotionally and rhetorically driven people take pot shots at Trump they’re just being useful idiots spinning wheels in the mud. Puppets. Get over it and be productive and helpful, or step out of the way and make room for actual reformers. “I’m here on the clean sweep platform.” War is a racket. Smedley Butler. Free Ebook available just everywhere. It’s a brief read written well before our lifetime but is still entirely relevant today and remains as one of the most important disclosure pieces from one of the original whistleblowers, that and The Creature from Jekyll Island. Mr Smedley, a decorated Marine Core Major General, he quite interestingly laid out the very structure of the quasi governmental-corporate control system we find ourselves dealing with today. The system of major corporations usurping representative governance is of course even more advanced today than during his time, but the disclosure is still vital and relevant, important to understand even today.
Turn off the idiot box, be an objective news reader, make a point of reading both sides of every story whether you agree with it or not, make a point of reviewing both independent and syndicated media for better perspective. Learn to recognize the difference between news and narrative. News is when someone presents facts in a reasonably objective manner and says, do your homework yourself, don’t just believe me, and then participate further in the dialogue, always stay objective. Narrative is when you’re told how to think and if you object, you’re ignorant or bad or whatever other rhetoric and hyperbole is being suggested.
There is a saying; The medium is the message. That is to say the structure by which information is relayed becomes the message, the relaying media is more influential than the message itself. Are you watching television, reading the paper, subscribing to magazines, using twitter, facebook, listening to independent media or listening content controlled syndicated media? The source matters as much as the message. This is why I do not participate in social networking forums, except those with unrestricted virtually unmitigated access and participation permissions. I will not have my speech or political views silenced by zealots, nor would I ever choose to have my speech limited through advanced technocratic systems with language and participation controls, and I’m certainly not the only one whom has recognized these points or feels this way. Censorship as well as severely dangerous rhetoric is coming around again as a direct result of people no longer buying the corporate line, these corporations will say and do anything.
Or perhaps you feel like blaming Trump is more effective because your side lost and you don’t like him and he’s hitler or a russian agent or just plain bigoted, or whatever. ‘I like Ike’ and Trump is the only president in my lifetime that as an adult I can recall has actually challenged the lobbyist and federal reserve structure. Think about the point you made, the move by the fed to deny a voice to appraisers is Trump’s fault due to his corruption. That’s strange, he had just threatened to for the second time in 100 years, a virtually unprecedented move (since the first time it happened the fed chairman was merely moved, not fired), proposing to remove the fed chairman for being a danger to the economy. Oh yeah, if I was a federal reserve supporter, I would not like the current president either. There is no simple way to explain it, and if you want to talk about it, talk about it in an intelligent manner. Stop it with the pot shots from the peanut gallery.
https://www.cbsnews.com/news/60-minutes-are-members-of-congress-becoming-telemarketers/
https://www.npr.org/sections/itsallpolitics/2013/11/11/243973620/when-lobbyists-literally-write-the-bill
My side lost, aren’t you self absorbed. No I don’t think the Politicians are honest, neither do I think the Corporate leaders pulling their strings are either. Trump is a symptom and the end result of the corruption. It’s not a pot shot, it’s an accurate observation. Trump is worse because his corruption is flagrant and obvious and that is the message to all of us. Also I don’t think you even know what side I’m on, you are making an observation about me and my politics with out knowing a damn thing about me. And you call your self an appraiser making an observation without facts? You really think I’m as naive as you seem to be with your one off reactionary libertarian conspiracy crap? You are putting out easy to digest theories because it fits your narrative. You are deluded if you haven’t figured who Trump is working for, it’s not for 95% of the population. There is no reform going on, it’s theft on scale we haven’t even seen under a guise of “draining the swamp”, grow up you got conned.
Well, right back at you. ‘conspiracy crap’. You’re well programmed and your news sources are apparent. They’re all corrupt in upper levels of government, pick your poison. Reform needs to fit some sort of narrative. What’s better than liberty? Serious question. It might be helpful if you actually bothered to watch and review the content of the other side you so vehemently oppose, they hammer trump like daily.
Jerome Powell’s net worth is estimated to be as much as $112 million. He is the richest member of the Federal Reserve Board of Governors.
Good one SB. One does not need to research them all individually to know whom they have previously and continue to currently advocate for. The question appraisers should be asking themselves, is what motivation could these people have to either diminish or bolster consumer protection. Once that question is asked, the natural conclusion to many may very well be, perhaps we’d be better off without them.
Remember when milk cost so much, a can of tuna had a consistent price, and property value was a third if not a tenth or a twentieth of what it is now (depending on how old you are.)? There is no such thing as consistent pricing anymore. As this system of complete fiat currency and a move to a cashless society ramps up, of course independent valuators are scheduled for planned obsolescence. If we objected to the fiat currency, the value of money would matter again and that’s the plain truth of it, not much else can be done.
https://www.federalreserve.gov/aboutthefed/bios/board/boardmembership.htm
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Some people just can’t handle the politics. Finances are deeply rooted in politics, deal with it.
Related; ZeroHedge, something big is coming.
From the below linked article; “The average person may not be able to describe in detail how the financial system works, but it hasn’t been lost on the masses that the bailouts and subsequent bubble driven recovery benefited a particular segment of the population far more than others. This understanding has led to a surge in populism throughout the developed world.
While those with their heads in the sand try to blame Russia or racism for Trump’s election, what created the fertile political ground for that to happen was the corrupt and deceitful response to the financial crisis. As such, we’re now several years into a populist political cycle that shows no signs of dissipating, and the economic cycle should be joining it shortly.”
https://www.zerohedge.com/news/2019-02-26/you-cant-stop-cycle-next-few-years-will-change-everything