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Comment on Financial Reform Implementation
August 19, 2010
I have been an appraiser since 1971 (39 years). Never in my experience has there been a more devastating act applied to the appraiser than the HVCC. This non-voted on act by Attorney General Cuomo wiped out 35% of my income instantly, in May 2009. Since that time, my long time association with local mortgage people was erased. Fortunately, I had a local bank providing work, that was not affected, but so many other appraisers were devastated and put out of the profession. What a disgrace for this fine country. Thousands of small business' gone.
The implementation of the AMC is another travesty. An unnecessary middle-man that gouges appraiser fees is not conducive to satisfied workers. The public did not need protection from appraisers, as congress seems to think. Appraisers need protection from bottom-feeding AMCs.
I'm happy that we have a forum to explain the need to put business back to normal. This means, honest and hard working appraisers providing market-value appraisals. Appraisers did not create no-no loans, we did not create loan scoring, and we do not fudge values in order to get the next job from a mortgage person. Under the correct system there is plenty of work, that we can pick and choose an honest mortgage person that doesn't grind the value.
|Last Updated 9/14/2010||FinReformComments@fdic.gov|