Forsaken Craft @ http://www.forsakencraft.com/mainframe.html
Real Estate Decline @ http://www.realestatedecline.com/
The
Truth About Real Estate Appraisal, by Stephen G. Bishop
'Fannie
and Freddie' Were Lenders: US Real Estate Bubble Nears Its End, by
Richard Freeman [2002]
I cited two real
estate bear market websites that I recently stumbled across. Well,
actually one of the Realty Reality panelists sent them to me a few
days ago. They both are chocked full of links on the possibility,
probability, and current decline of some micro and macro realty
markets. Both of these bear market realty websites have a link to the
article on real estate appraisal by Stephen G. Bishop, whom I believe
actually was a real estate appraisal guru. I am not sure if this
gentleman is still 'in the business. Mr. Bishop's three-page essay is
extraordinarily scathing, in my view -- and I don't find much fault
with his analysis of an industry totally and completely controlled by
the Wall Street banking cartel, the FED, bank and credit union
regulatory agencies, and the GSEs, namely the Federal Home Loan Banks,
Fannie Mae, and Freddie Mac. Used car salesmen have better reputations
in the marketplace than those practicing realty valuation, and with
good cause. It is called the Fraud
of Appraisal Regulation [FIRREA 1989]. Those among us who try to
tell the truth become ostracized
and blacklisted.
The whole realty
valuation industry since 1989 has been centralized, controlled, and
overly regulated to fit into a cookie cutter mold where no one thinks
[or is supposed to] while state licensing boards and professional
realty valuation organizations teach nothing new, keeping over 800,000
appraisers dumbed down. Well, it is all part of the plan of the FED
and the banking cartel to dumb Americans on Main Street down, and
these rascals have been doing this through control over the public and
university educational system since 1913, the year the Federal Re$erve
was created. I am sure that there are many in high places in
foundations, professional organizations, and other positions of power
linked to the banking cartel, who would disagree with Mr. Bishop.
These folks usually have a couple of fancy designations behind their
names which are supposed to signify competency in the field, and most
generally they all smoke Cuban or Jamaican cigars, male and female
alike. These rascals rewrite Universal Standards of Professional
Appraisal Practice continually, control and teach educational courses,
as well as sell software to nearly 800,000 folks every time the GSEs
like Fannie Mae mandate a new form change -- under the guise of
preventing fraud. Cui Bono? 800,000 x $400 for a new software
upgrade ='s $320,000,000, n'est pas? This is an economic tapeworm.
The essay by
Richard Freeman dates to mid-year 2002, and I first read this
essay when it first came out. It prints out to about 15 pages
altogether. I think it is a good read. Our next panelist essay will
be Topic 8, and it will address just how hard or soft landing for
real estate as it hits the tarmac. When one loads in the Forsaken
Craft website, currently a Bloomberg interview with Peter
Schiff from Euro Pacific Capital automatically loads in. Mr.
Schiff to say the least is not
very bullish on real estate. Knowing that almost every piece of
residential and commercial real estate in the land is not debt free...
"Hello, Houston?
We have a problem..."
Warmest regards to all! © 2006 Realty Reality |
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REAL ESTATE MARKETS FORUM