Wednesday, November 07, 2007
Kill the Appraisers
However, it's worth mentioning, the appraisers need to go to State Prison too.
Those fuckers made sure their appraisal met the loan value.
Why aren't they in jail yet?
NOTE: Carnage in the financials reminds me of Armageddon, despite never actually living through an actual period of Armageddon.
Maria's voice is hurting my ears & Pisanis reminds me of chicken with its head cut off
I was in the mortgage biz for the past 10 years and I did it all - from bottom to the top and I have to tell you that it was ALL corrupt. From the Loan Officers, to the Appraisers to the Real Estate agents.
The reason is that they all made money based on output - either commission or piece work and it was in their best interest to "bend" the truth as far as they could. In some case I saw downright fraud happening but it was so common that nobody ever said anything. This was and is rampid and it is, in part, to blame for the real estate bubble.
In the end you have to end the speculators and the Fed who dropped rates too low for too long which invited all the Tom, Dick and Harry - wannabe real estate "investors". I know so many middle class individuals who bought at least 2 additional homes in the hopes to get rich by flipping them, and now most of them are getting ready to lose everything they own cause they can't sell these "investments".
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