Early warning of the Financial Crises

The Warning:

*This is not good for the public at large! *Not only do we get subtle overtures to make value, we will be the first to get blame when loans go south. *It’s time to clean up this crap! Regulate and institute the lending institutions. *22 years as an appraiser this practice worsens every year. *L.O.’s (loan officers) have no standards or ethics, that I can tell. *This is an unfair practice and puts far to much pressure on the appraiser, since his/her livelyhood is involved. *I remember the late 80′s to early 90′s when I was appraising properties for the FDIC during the bank take-overs. It’s coming. *Appraisers are like pawns in some mortgage brokers game. If they don’t get what they want, they blacklist you. *This list will become a ‘blacklist’.

A mortgage broker was “instructed” to do (namely: to add $40K to stated income of the applicant — without the applicant even knowing!). 

That means everybody got a loan then & now all everybody is paying for it…….

@economonitor: Full article link below:

THE FINANCIAL CRISIS AND SHREK’S ONION OF FRAUD

Author: L. Randall Wray  ·  March 9th, 2012

#Roofless

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s