They bought the pidgeon in poke so you could say the buyers of these worthless investments were actually the mark. The VA assigns the appraiser from their very select and limited pool of appraisers, which you must apply and interview to on. They were less independent than mom and pop appraisers. Lenders are getting exactly what they deserved because they took those bogus loans and hid them in bundles, selling them to hungry investors in equity funds who did not deliver and little has changed at this point.

Sometimes, thieves shot, and the rest of us seldom cry for them we usually breathe sigh of relief that one more scumbag is off the street.If banks are smart theyll have thorough inhouse appraiser.That is exactly what many did but this aggravated the problem because the lenderbank had body on the payroll who could be tapped if he or she did not delivertheir job was in question. here comes the real crime. In the past lenders blackballed appraisers who did not look closely at the package.

The credit that was once available to buyers that could buy these homes is PERMANENTLY GONE and will never return. Often this was done under the table with the buyer thinking the broker represented his best interests to obtain the best rate and loan available. So you have massive inventories of houses that are maxed out with prices falling. It isnt an easy task and yes appraisers who cant adapt are just no longer appraisers. NOT!

When people couldnt come up with down payment, they arranged second mortgages to bridge the gap. Everyone knows what should have been done after the fact but thats the scam isnt it? Find new nigerian con that looks real and acts so real that people fall for it. The only truly independent way is as the VA does itand there are few VA loans because of it. The VA assigns the appraiser from their very select and limited pool of appraisers, which you must apply and interview to on. Trust is the issue here.

here comes the real crime. No one is regulating our system, not the Fed, not the banks, NO ONE! Why? Because we have been sold free enterprise system that what ever the market will bear and people who shop for houses know their target market. No one saw the fall until these defaults began to show up in hidden equity bundles to hedge funds and other investors looking for high dollar buck. In the past lenders blackballed appraisers who did not look closely at the package.

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