It’s official. We’ve now nationalized the appraisal process.
The idea under the Uniform Appraisal Dataset is that all appraisals should have a common set of descriptors so we’re all on the same page when someone says a “brick” house is in “average” condition.
The housing crisis has many little helpers that have contributed to its devastating effect. Real estate agents and mortgage brokers seeking higher commissions through an inflated home-sale price, have sought out home appraisers to fraudulently estimate the value of a home:
After the nation’s last major banking disaster, Congress set up a system to catch rogue appraisers. Their game: inflating the value of homes at the direction of equally unscrupulous real estate agents and mortgage brokers, whose commissions are determined by the size of the deals.
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