Real Estate News by Dean Ouellette | February 6, 2010 
1) On the ethics of “strategic default”… – I understand where Scott is coming from on this post, but some parts of the country are in such a bad position you have to start questioning it. Imagine being in a home you owe $600,000 and today it is only worth $350,000. At some point a common [...]
Read the full article → Commentary by Justin Pierce | September 20, 2009
After the financial meltdown last year lawmakers and regulators were determined to discover who was responsible for the debacle. Yes, the very people who drafted the laws governing mortgages and yes were also responsible for oversight of them went out to determine who was responsible for the melt down. The first culprit, of course, was the lenders. I think we all know how that played out. The next group on the chopping block was the appraisers. If they wouldn’t have appraised the homes then the lenders would not have lent on them, so goes the finger pointing. From that came sordid tales of realtors and mortgage professionals pressuring and even bribing appraisers to up the value of a property.
Home Valuation Code of Conduct – HVCC
After the scapegoats were identified the legislation followed. One prime piece of legislation aimed at appraisers was the Home Valuation Code of Conduct (PDF). The intent of the HVCC was to achieve more appraiser independence to reduce the amount of pressure placed on appraisers by lenders and Realtors. Well, if their had once been undue pressure on appraisers to inflate values it now pails in comparison to looming threat hanging over appraisers and it’s compelling them to keep prices down.
Joshua Dorkin
Will Appraisers Stunt the Housing Recovery?
by Justin Pierce | September 20, 2009Home Valuation Code of Conduct – HVCC
After the scapegoats were identified the legislation followed. One prime piece of legislation aimed at appraisers was the Home Valuation Code of Conduct (PDF). The intent of the HVCC was to achieve more appraiser independence to reduce the amount of pressure placed on appraisers by lenders and Realtors. Well, if their had once been undue pressure on appraisers to inflate values it now pails in comparison to looming threat hanging over appraisers and it’s compelling them to keep prices down.