Home
Security -- Brokered Dreams Ole
Bear, Editor's Commentary A couple of our Faithful Readers sent us the above links about mortgage and appraisal fraud with Ohio, that Buckeye State, being Numero Uno on the Foreclosure list here in the States, and on the insanity of the mortgage lending folks and corporations like the Nehemiah Corporation [or whatever they call themselves] putting folks in real estate with their give away money programs. I have said it before, and I will say it again: If we attain 100% single family home ownership as part of our irresponsible FED monetary policy, who the heck is going to rent all those duplexes, four-plexes, eight-plexes, and apartments across the land? --Space Aliens? Maybe the FED will print Space Aliens to rent all those vacant apartments? We shall call this Plan 10 from Outer Space. In a measured move to lay more blame and guilt on the residential valuation community, and to further prostitute the realty valuation gig, Fannie Mae and Freddie Mac are now mandating a residential appraisal report series of form changes in order to protect the guilty. This happens in the next several weeks. The problem is, the mortgage lending industry is not fully prepared to accept the new forms, and every brother and their dog, are not sure what's happening with the form changes. HUD says it ain't changing nothing. Lenders not selling to the GSEs may probably elect to keep the old forms. Appraisers are supposed to comply, and will end up running both new and old software to keep their lender clients happy. My software vender wants about $350 for the upgrade to the new forms.... that is if I have the latest version of his software, which I don't [I know how they work, and they will gig me for about $600 or more!]. My software is old, but it works. I don't need a new Cadillac to drive around the block when I have a 35-year old Buick. Multiply 80,000+ realty appraisers by $350 and what do you get? $28,000,000! Somebody is getting rich, and it sure ain't me! -- not at $375 for a residential 1004 appraisal report with gasoline at $3.00 a gallon! -- having to actually drive by the comparable sales on the Green Earth, paying the Appraisal Institute $950 a year in dues, paying for MLS, paying for Realtor/Broker dues to NAR, paying the MREAC for an appraisal license, and paying the bills to keep the lights on! On top of that, my local business bank, Commerce Bank, is nickeling and diming me to death on all their fees and surcharges for this and that, and they forgot I was in the realty valuation business sending all their business across town. The trend of honest realty valuation experts getting out of the business and getting a real job is a trend that ain't your friend. When, not if, this realty thing finally melts down... the realty valuation gig will be so controlled, regulated, and inspected, that no one in their right mind would want to become, or remain a realty valuation expert, designated or not. We have FIRREA 1989 to thank for all this from the aftermath of the S&L Bailout. FED Monetary Policy has destroyed a profession, and a lot of insiders have made, and will make a lot more money. Ole Bear, Editor Yours Truly,
Ole Bear, Editor © 2005 Realty Reality |
GLOBAL
REAL ESTATE MARKETS FORUM
