Quote:
Originally Posted by Excaliber
Meat, it's like saying the Nigerian e-mail scams aren't the fault of Nigeria, those suckers they took in, well, it's their own fault. OK, fair enough, it IS their own fault. But come on, that doesn't make it right.
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Doesn't make
what right? There's no free lunch, everyone knows that. Greed is only good if you're the one holding the fishing pole.
Quote:
Originally Posted by Excaliber
Do the financiers follow all the rules and do it legally or is there fraud involved in some of these housing loans? No question there IS fraud, and law suits ARE being filed, as they should be. Here in Hawaii recent newspaper articles have been focusing on the pressure apraisers are under to deliver a certain price to the lender. IF they don't bring the property in 'at the right price' they quickly find themselves out of a job. There are other apraisers willing to 'work with the bank' to get the 'number' right. Thats gotta change, law suits may be the only way. If you lease that Bugatti with intent to defraud, use fraud to secure it, or are 'suckered' into the lease BY fraud, someone should get sued! WHO that may be will have to be decided on a case by case basis.
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There
may be fraud, and there may
not be fraud. Filing a lawsuit doesn't indicate guilt or innocence, it only indicates that an attorney got a job.
Appraisers are under no pressure to deliver a certain price to a lender. In fact, an appraiser will very quickly find himself out of a job if he's giving false information to the lender. Appraisers don't work for lenders. They don't work for real estate companies. They're a neutral third party who provides a valuation based on comparable sales of similar houses in a particular neighborhood. Lenders rely on the information from the appraiser to determine whether the price of the home is in line with other homes in the area, and to verify that they're not making a bad investment.
Quote:
Originally Posted by Excaliber
I've been in involved in various real estate deals a LOT over the last 20 years or so.
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So have I. I've got a real estate license, my parents were agents - my dad a broker, I've worked for many real estate companies, appraisers, escrow companies and mortgage companies.
Quote:
Originally Posted by Excaliber
I, for one, just won't be to quick to condem those who made a bad decision, it's likely they ARE going to pay for it anyway. I don't want to kick them when their down.
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I will. ESPECIALLY when I'm going to get to be one of the lucky Pierres who gets to bail them out because I was smarter than they were.
Your pal,
Meat.