Congress is not interested in coming to the rescue. They are also not interested (nor is the VA) in mortgage fraud perpetrated or continued ignored by Freddie Mac or its waterfall associates (lenders, appraisers, insurers, etc.)

My husband and I currently have a lawsuit for mortgage fraud against FM, and the others noted. We are told it is the first of its case in the United States.

The VA position is that the original home purchase loan would never have been backed (guaranteed) had the fraud been known. Yet, the VA caves to lenders and servicers who want paid despite their knowing (or should have known) of the original fraudulent documentation.

The engineer admitted he didn’t document missing certification; the appraiser has remained silent and obtained legal counsel. The lender and servicer know they failed to obtain the legally required information.

My Veteran husband and I have ceased all mortgage payments to force resolve. Freddie Mac wants indemnified by the lender and servicer.

I want the home that my husband and I paid for, not the legal salvage that we have since discovered was purchased.

Congress created Freddie and Fannie, and Ellie and all the other Mac and Mae Enterprise messes. Yet, Congress doesn’t want to resolve their mess. It is an undue burden upon the tax paying public.

Idaho.

The Tax Assessor does have access; Complaints can’t be answered without the assessor’s inspection. Politics do have some control, however the voting constituency is protected.

I’m struggling to understand why they would not simply sell. Unless they’re somehow confident that the heloc brings them more cash than an open market sale?

I ran into a couple a year or so back whom sold at the actual peak, and simply rented out their neighbors investment property, with plans to buy again a year or two later after some market deflation happened. They really called that one but also were well to do so it was just one of their many investment strategies.

Meanwhile I’ve seen countless instances of ibuyers and these companies like opendoor whom buy cash then resell either taking substantial losses, or having carved out substantial earnings where the people whom sold to them would have been better off with a realty agent. These big corporations whom speculate in real estate using the avm technology are skewing sales figures across the country. They are changing the definition of market value or at least challenging traditional methods of data sorting and data validation. How can we call this activity being in alignment with the ‘well informed adequately represented’ expectations? There is a systemic effect where regardless if the big corporation relying on avm’s win or lose, they skew market data figures which in turn, the various avm systems and human participants then rely on down the line.

I’m still waiting like three years later for my neighbors probate sale record to fall off, which was reflective of market value two or more years prior to the actual sale recording. Was a working accident and took the family quite some time to sort out the real properties final sale disposition, so sale was reflective of a previous point in time. Yet the Realist avm systems incorporated the data and subsequently skewed value estimates downward substantially for this whole neighborhood. People took real losses comparative to their potential if there was no avm involved or if that avm would have been coded differently to omit that sales record as not contemporary and skewed data. Agents used those figures to negotiate pricing downward.

These are but a few examples of the many unreliable issues which will disrupt peoples notions of housing market stability and fair pricing, if appraisal modernization efforts come to full fruition. The avm systems managers and the technical programmers apparently do not understand the concept that price is not the same thing as value. Additionally they appear incompetent when it comes to the task of properly qualifying data before relying on said data for market value analysis. Yet another example of GSE managers encouraging over investment in housing, or likewise not providing adequate protections for vested participants.

Also, was that your actual submitted letter? I found that quite interesting how you illustrated that many potential failure points. They’re selling rainbows again, and never look back in retrospect to consider if anyone was harmed by the practices.

Fraud, fear, loss of job, health issues…a myriad of reasons.

Interesting. Is there a delay in the way they post the comment letters online? There were like four different options to click to submit an avm comment letter, one at the one site, and three options at the other site. I figured, probably would comment at both sites, one seems like a three agencies in one comment, but you still have to click which one. What would be the motivation for borrowers to take the equity and walk, keys on the table?

https://www.fhfa.gov/SupervisionRegulation/Rules/Pages/Quality-Control-Standards-for-Automated-Valuation-Models.aspx
This is one letter writing location. Mary wrote a detailed letter.
And this.
https://www.federalregister.gov/documents/2023/06/21/2023-12187/quality-control-standards-for-automated-valuation-models
So that’s a little confusing but if people wanted, they could deposit the same letter in two different locations, may be a good idea. I’m going to get something in there at least by the deadline.

Has anyone posted the call to avm letter writing on the appraisers forum? If not, someone should.

This morning I was reviewing the AVM regulatory standards, fsb, open letter writing period.

Please take the time to write a letter people.

So far only one letter posted on their site, but the read is quite remarkable.

What happens behind the scenes, how much people are additionally put at risk, when companies switch to only automatic valuation models instead of using licensed human appraisers. The comment writer states he was shocked. Absolutely, that is a surprising story. Ocwen related. It does not take a rocket scientist to figure out why a company set like altisource/ocwen would prefer to never have to deal with a licensed human appraiser, when managing the properties they have on their books. One less point of oversight is highly appealing to a company like that. As for the defrauded party in question, the migrant gardener, never stood a chance, toast, finished, all the money is gone. Their life savings vanished through a clever mechanism of stacking fees, transferring the note, and skipping the appraisal. Brought to you by the appraisal management industry. (second link for the comment.)

https://www.federalregister.gov/documents/2023/06/21/2023-12187/quality-control-standards-for-automated-valuation-models#open-comment

https://www.regulations.gov/comment/CFPB-2023-0025-0002

My positions remain consistent. If you have something to sign, share the link.

Popular appraiser author Miller on this site mentioned in zero hedge article.
https://www.zerohedge.com/markets/number-manhattan-homebuyers-paying-all-cash-hits-record

As the nimwits managing GSE programs keep their heads in the sand while continuing to prop up real property price and value with their modernization tech wizardry.

I, mean, like, where, is, the, market, correction??? Answer is that there is no market correction, not for the regular borrowing citizen. However, special insiders whom GSE managers grant first purchase opportunities to defaulted loans and other various special terms, their margins are increasing. There is no ceiling, but the program managers assure a high floor so the bottom will not fall out. Everything moving along right as planned. Pump, eliminate checks and balances, illusionary market stability, then dump. Except this time around, happening in the background, only insiders may benefit. The thing about stable housing markets is a lie.
https://appraisersblogs.com/diversity-equity-n-inclusion-is-overlooked-by-hud-secretary-marcia-fudge/#comment-38606

New Jeremy Bagott article just hit. Site administrator quite busy. Worthy of an immediate share. If you can forward this, please do.
——————-The False Compassion of Inflated Appraisals.—————————
Oh my bad, can not provide you a link, because I do not have a twitter to get past this log in wall nonsense. And they’ve denied even simple bots, so there is no way to find the direct link online via regular searching for recent material. If you have a twitter login, it will probably be the latest article post. As the articles via email also have no ‘view this in web browser’ for a clear link to post, sorry, can only direct you how to find this online. If you’ve subscribed to his news letter it should have just hit your inbox today.
https://twitter.com/jbagott
https://mailchi.mp/2a23230963ef/jeremy-bagott

The fact that you are willing to sign up tells me that this is an extremely promising remedy. I would have placed a bet on the sun not rising today before betting I would ever read that question from you.

Goes with your fake history.

What a great non-come back.

O.k., well, where do I sign up?

Yeah, you are backwards i agree.

Same here.

Try reading that backwards ssabmud.

After 40 years I retired in March. I read the writing on the wall and it said: “we do not want you nor do we need you.” My house is paid off, my new car is paid off, I have money in the bank, an IRA and SS so I am good. Getting up in the morning knowing I am no longer being dictated to by dimwits is a very good feeling.

P.S. For the record, 1 of 2 wrongs has already been corrected. Andrew Cuomo was given enough rope to hang himself. It’s up to us to correct the other injustice.

Thank you. Today is my sixth consecutive Saturday! FINALLY tackling that encyclopedia called the “honey do list”.

Your history is as accurate as your spelling.

Welcome to the club Jaydee!