“I am really amazed at the really LAME argument that an appraisal is worthless to the poor homeowner – WHO IS HURTING for MONEY! Looks to me like they may have poor credit and should be turned down because of THAT fact – why do you have to drag the appraiser into the farce? Oh, I forgot, its so you can blame someone else for that homeowner not getting a loan!”

I have to be inclined to agree. Perhaps the borrower was really hurting for money for a LEGIT reason, but perhaps she should be looking for money elsewhere if the costs involved in taking money from your house is too much for you?

There was definitely one clear loser here.

It appears something big is happening Jan 1st of 09?

“The value dropped 6% over a week. Home prices are collapsing. Get used to it. All this business has to offer you is more misery and poverty if you choose to stick it out. No more loan programs. Just super strict ‘A’ paper with no exceptions and no service. It is the death of the mortgage broker.

Jan 1 and brokers are no longer allowed to order appraisals. They pressured appraisers into chasing pre-determined values for years and they all complied by fraudulently skipping over comps, lying in the adjustments, and all manner of fraud to feed their family. This crooked relationship and mortgage fraud and both sides fueled an idiotic housing bubble, which is now in full collapse. This new rule will break the back of brokers. It’s over.”

Here’s my favorite reply:

“The issue here is, “someone”, wanted something done for free. You got what you paid for, your client suffered. Free is a four letter word, quality people need to be paid.”