Sounding Bored is my semi-regular column on the state of the appraisal profession. This time it’s on video.
I caught this on the CBS Evening News last night – about appraisal and mortgage fraud…worth watching.
See the full post on Matrix: [Blackmail & Hot Potato] Appraiser Edition
I was quoted in an article by Emir Efrati of the Wall Street Journal, who has done a great job following the appraisal situation as it unfolds, saying:
“In my opinion, 70% to 80% of appraisals that were done during the housing boom are probably not worth the paper they’re written on because the appraiserswere rewarded with more volume,” said Jonathan J. Miller, a New York appraiser and longtime critic of industry practices. He estimates that home values are overvalued nationwide by at least 10% because of inflated appraisals.
Glenn Beck of CNN read the quote in the WSJ and invited me on the show.
A booker at Fox Business News read my quote in the WSJ above and asked me to speak on the show.
We discussed the agreement between Fannie Mae and New York State Attorney General Cuomo’s office covering appraisal pressure.
Tags: Soapbox Blog, Appraisal Pressure, Appraisal Process, Mortgage Fraud, Jonathan Miller
It’s getting harder to obtain commercial money. The harder it gets, the more rampant fraud becomes. Makes it hard for those that are honest!