My coffee machine broke this morning but I’ll still consider this an [Over Coffee] post. Without that cup, I felt compelled to use my own quote because someone in SeekingAlpha cited my handiwork.
As Jonathan Miller explains, the irony of the NY Times’ cover story on the disarray in the real-estate appraisal market is that the same appraisers who were the source of overvaluation during boom times are now undervaluing because they think that’s what the lenders want (they probably do). “Remember that in either the high or low scenario, it’s all about making their clients happy.”
And this irony really ticks me off. They will profit on the both the cause and the effect side of the credit crunch.
How about a little neutrality in mortgage lending?