Tagged: fraud

The Honest Appraisers Warnings Should Have Prevented the Global Financial Crisis 4

Honest Appraisers Who Risked Their Careers

Meet the Honest Appraisers Whose Warnings Should Have Prevented the Great Financial Crisis The honest appraisers’ warning was ideal. It was timely, blunt, courageous, and unambiguous. If the regulators had acted on the warning, there would have been no Great Financial Crisis (GFC). Unfortunately, the Presidents Clinton and Bush (II) appointed financial regulators because they were anti-regulators, so they ignored the appraisers’ warning. From 2000 to 2007, a coalition of appraisal organizations … delivered to Washington officials a public petition; signed by 11,000 appraisers… [I]t charged that lenders were pressuring appraisers to place artificially high prices on properties [and] “blacklisting...

Appraisal / Appraisal News / Appraisers News

The Con, We Were All Sold a LIE 11

The Con, We Were All Sold a LIE

The Con, a 5 part docu-series premiering August 5, 2020 at 8pm EDT, is an in-depth investigation into the 2008 financial crisis nine years in the making. Through interviews with regulators, former officials, foreclosure victims, industry whistleblowers, and journalists, THE CON connects the dots to what America used to be and where we’re headed in 2020, as nearly 40 million Americans are currently claiming unemployment. Stay tuned for a live conversation with the filmmakers and voices from THE CON after the screening. William Black: “Most things viewers “know” about the Great Financial Crisis (GFC) are false…. The GFC was not...

Appraisal / Appraisal News / Appraisers News

Wells Fargo at It Again! - Where Are the Criminal Prosecutions? 6

Wells Fargo at It Again!

Those fine outstanding law abiding people at Wells Fargo are at it again! This time the fraud is against the United States Bankruptcy Court and as usual, their very own customers. Wells Fargo’s explanation… The Covid-19 Pandemic! Wells Fargo is using the Covid-19 virus as the excuse for placing borrowers currently under Chapter 13 bankruptcy repayment plans in forbearance. The borrowers never asked for the forbearance and Wells Fargo filed a claim with the Bankruptcy Courts halting mortgage payments for the borrowers without their knowledge. According to the NBC news article: On April 29, without Harlow’s knowledge or permission, Wells Fargo told...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / VaCAP / Virginia Coalition of Appraiser Professionals

The Con, the American Dream Dies Where Power Lies - End of Corelogic? 11

The Con, The American Dream Dies…

The Con is a 5-part series in-depth investigation into the 2008 financial crisis. If you attended the Appraisers Economic Forum, better known as AppraiserFest, in San Antonio, Texas back in October 2018, you may recall a couple of guys with video cameras. Many of the appraisers attending were  interviewed for this production. The 5 part docu-series premieres August 5, 2020. You definitely want to clear your calendar to watch. See the trailer below and sign up for updates here. From writer/director Eric Vaughan, producer Patrick Lovell and executive producer Adam Bronfman, The Con is an in-depth investigation into the 2008...

Appraisal / Appraisal News / Appraisers News

Professional Opinions Can Never Be Replaced By Automation 10

Professional Opinions Can Never Be Replaced

Professional OPINIONS have value that can never, repeat NEVER be replaced by automation… Earlier this week, George Dell‘s article titled “Why is Residential Appraisal in Trouble?” was published on AppraisersBlogs. Respectfully, George misses or misinterprets a few items. There has been zero evidence that an AVM produces credible approximations of MARKET VALUE consistently or with even an acceptable degree of variance. None. Like George indicates, an AVM is NOT an appraisal. By definition, it is not an appraisal. FIRREA required appraisal standards; NOT banking industry and TAF proposed alternatives. TAF is very far out of line giving AVMs any imprimatur...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Automated Valuation Models

The Greatest Recession - The Hesitance to Accept Modified Appraisals 18

The Greatest Recession

The Greatest Recession is now spreading across the US. The investor’s hesitance to accept modified appraisals without interior inspections will prevent the real estate market from leading this country out of “The Greatest Recession” now spreading across the US… Appraisers provide an essential financial service according to the verbiage I’ve read from The Department of Homeland Security and various sources. We are exempt from “stay at home” orders. The State of Colorado has defined appraisal services and appraisers as providing an essential financial and professional service. Colorado says that appraisers are exempt from stay at home orders. An abundance of...

Appraisal / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Administration / Federal Housing Finance Agency

Homeowner Enabled Appraisal Inspection Tool, Social Distancing Protocols 28

Homeowners Providing Interior Home Data

Clear Capital is launching a new homeowner-enabled appraisal inspection tool the week of March 30… Over the past few weeks, I have seen in forums many appraisers talking about having homeowners provide home interior details (photos, videos, etc.), which can be used in appraisal reports. Well, guess what? American Ingenuity at work, which will be available soon. From the HousingWire article titled “Clear Capital launches new remote inspection tool“: “Real estate technology company Clear Capital has launched a new homeowner-enabled appraisal inspection tool, which adheres with encouraged social distancing protocols in light of the coronavirus. OwnerInsight is a tool that...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Trending

Borrower Class Action Against LandSafe Appraisal Settled for $250 Million 8

Class Action Against LandSafe Settled

…alleged that the lenders conspired with LandSafe to inflate appraisals to increase the size of mortgage loans sold on the secondary mortgage market… Believe it or not, cases are still being litigated in relation to events during the mortgage meltdown years. After nearly seven years of litigation, a settlement (subject to court approval) has been reached in the borrower class action filed in 2013 regarding appraisals managed by defendant LandSafe Appraisal Services between January 1, 2003 and December 31, 2008. The other defendants in the suit include Countrywide Home Loans and Bank of America and various affiliates. The central premise...

Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / LandSafe / Uniform Standards of Professional Appraisal Practice

AMC Celebrating One Million Appraisal Orders Sucker Punches Appraisers 40

AMC Sucker Punches Appraisers

Class Valuation sucker punches appraisers! Class Valuation has been celebrating completing 1,000,000 orders and sent a Tweet thanking their clients and staff. There is no mention of the boots on the ground licensed professional appraisers who actually completed those appraisals. Is this the true feelings of Class Valuation? Do they not realize not one order would have been completed without appraisers? Not one simple thank you… Meanwhile VaCAP has learned InHouse Solutions, the AMC division of Get Connexions, Inc. is ceasing all operations as of February 28th. Appraisers on their panel across the country have been getting this email: Jan...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

USDA Appraisers Alarmed by Verdi Consulting & Clarocity's Engagement 17

Appraisers Alarmed by USDA’s Poor Decision

Verdi Consulting has no business being involved with appraisals… they have fraud examiners that should have done some due diligence on Clarocity… Nope, not going to happen… I received an email from what appeared to be from USDA. As a long time USDA appraiser, I opened the email: Verdi Consulting, Inc. has been engaged by the United States Department of Agriculture, Rural Development Office as one of two vendors under a Blanket Purchase Agreement (“BPA”) for Nationwide Single-Family Housing Origination Appraisals. The USDA has provided your information as a preferred incumbent Vendor Appraiser. We would like to invite you to...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / The US Department of Agriculture

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