An egotistical politician meddling in things to further his political career? How different. Cuomo is a power hungry pol who doesn't care how bad he messes things up as long as he can further his political career. Check out this article from The Village Voice that describes his role in the Fannie Freedie mess as well. Now he's planning a run for Governor? God help New York State. http://www.villagevoice.com/2008-08-05/news/how-andrew-cuomo-gave-birth-to-the-crisis-at-fannie-mae-and-freddie-mac/

Wake up call! We are not independent business owners anymore. We are AMC employees with no benefits. They say jump and you had better ask how high? What is the definition of an employee versus independent contractor? They tell you when and how to do your work and how much you get paid no matter how complex the assignment. If you don't like it too bad. And to boot for all your hard work you get told you are not fast enough and you better quit asking for more money for more difficult jobs because the high dollar home is typical for the area. They are charging a premium yet they are not letting you in on it hoping you are afraid to let out a peep for fear you will be cut off! Appraisers need some representation we are getting smashed.

LIST PRICE $400K, PENDING PRICE $325K, #1 APPRIASAL CAME IN AT $330K, THEN AMC REVIEW APPRAISAL CAME IN AT $180K (GO FIGURE!) REVIEW APPRAISER WAS FROM 900 MILES AWAY FROM SUBJECT PROPERTY, AND NO DATA TO PROVE FIGURE/VALUE. BUYER HAS PAID $1,200. IN APPRAISAL FEES AT THIS POINT. BUYER IS LOOKING TO SUE SOMEONE, AND I HOPE HE/SHE DOES. HVCC SHOULD BE KILLED ALONG WITH AMC'S!

I just heard the appraisal came in $25K low on my buyer's property. They had two offers in 17 days. Shouldn't that say something about the value? Now, they have a ratified contract on a short sale, subject to lender approval. After 3 weeks of waiting, a BPO was finally ordered. Are they nervous? Thinking of voiding their SS contract? thinking of voiding the contract on their home and staying put? I guess!!

www.HVCCPETITION.COM

Click on what code below? I am supposed to click on something to go to the petition.... This is the second video this week directing me to 'click below' and there is nothing there.

RediculouslySad: but true I am a buyers agent and have seen first hand how this concept has crippled the market.I have a client that has had 3 appraisals done on his home and here is the just.The first appraisal came in around $650.000 the second $725,000 and the third $825.000 whats the real value of his home.This cost my client $1200.00 dollars simply because outside appraisers who were not familiar with the market and area were attempting to do a job they should have never gotten anyway.Dont get me wrong I know alot of things got out of hand and people made horrible mistakes but for the sake of our commrads the appraisers let them have thier life back so they can support thier famlies and lets move on.Stop penalizing the buyers...

Interesting video...who didn't see this was a huge racket to begin with?!? I'm so disappointed with the industry at this point, but I see the Lenders are also taking ALOT of heat from brokers because of the inexperience of the AMC's appraisers. The media is starting to get involved now, and I think this is going to bite Lenders in the butt, and I say, TAKE A GOOD BITE.

I believe Cuomo either has partial ownership of an AMC or he used to be on the Board of Directors of one...THAT"S the real crime in all of this....I'm an appriaser and I can understand the frustration by us appraisers but also by the general public that believe we are all dirty..Wake up, we did this to ourselves by allowing loans officers to dictate to us. Well now that we've made this bed we have to sleep in it for a little while. ...at least til Big Brother comes up with some new great idea for regulations...eye:roll

The HVCC has created a whole new idiot way of appraiser selection by management companies. Basically this works by the AMC sending out an email or broadcasting an appraisal job to a large pool of appraisers. The appraiser who can afford the staff to monitor their email or AMC web sites every second of the day gets the business. The one man appraisal concept is the loser here. So let's see... the AMC cuts the appraiser's fee by 20-50%, charges the appraiser $6.00 to upload an appraisal report through their web portal, mandates we have $1,000,000 of E & O insurance, mandates we spend loads of money to have AI compliant software, creates the need to hire an additional assistant to monitor their web sites or email every second of the day for new job opportunities, wants 24-24 hour turn around times + 2 additional listing comps & a 1004MC form... and expects appraisers to be kissing their ring on their little pinky finger for the work we might get but probably aren't. AMC's can kiss my middle finger! This system is insane and should be scrapped. Doing business at a regional or local level is not a sin and doesn't result in fraud or corruption if the penalties for pressure from mortgage originators excact the same punishment as what appraisers are subject to if they choose to become a white collar criminal. And the aim is that the government wants this whole country operating in a centralized quagmire of beaurocratic transparency??? For who's benefit? The era of the small business, the day of the entrepreneur enterprizing at the community level is gone. 21 years in the appraisal business with maybe 1 more year left at this rate.

I just went thru this and was told by the appraisal company that apprasals will be under what is expected because they dont like the law and they want people to complain. How sad is this, the manipulation of values is now reducing as oppossed to inflating. The HVCC concept is way off base and will not help our current economic situation. The poor apprasal resulted in me having to put $9000 into a refi. Based on my apprsal from 2007 I lost over $35,000 in value in the Dallas market, this market has had minimal impact according to realtors. Sales are good however every apprasal has been far under the expected amount.

I have been licensed for 18 years and had my own Appraisal business for 14 years; two years ago, I was receiving 40 to 60 order a month; when the market slowed, I no longer had enough work for the two licensed appraiser's that worked with me as Independent Contractors; Now there is just me; I was getting 12 to 15 orders a month from last October thru May 1st. Now, Due to the HVCC, I did not get one appraisal order in six weeks. This is pathetic! The HVCC literally put me out of business!

Pathetic & Hawtgirl are both Idiots! Just wait till you or someone you know have to get an appraisal done and comes in $70K short. You losers must work for AMCs..... Como is full of it and it should be reversed!!

My hat goes off to the posting by "Hawtguy" Very excellent comments. The video does suck. When will everyone wake up and stop blaming anything and everything and realize its core economics at work here, not appraiser's. The whole "inexperienced appraiser" idea might be one of the best excuses I have ever heard. Doesn't it feel pathetic having to feel sorry for yourself all the time and not being able to accpet the truth?

GREAT VIDIO! ITS ALL TRUE. I HAVE LOST AT LEAST 50% OF MY APPRAISAL BUSINESS AND GET CALLS WEEKLY ABOUT BAD STORIES ON FAULTY OR BAD APPRAISALS FROM APPRAISERS NOT EXPERIENCED DOING LOW QUALITY WORK FOR PEANUTS. I AM LOOKING TO FIND ANOTHER JOB AND JUST DO THIS PART TIME OR QUIT, I REFUSE TO DO LOW QUALITY WORK. 8 YEARS APPRAISING. JR CA

Management companies are simply ordering the appraiser who quotes the most inexpensive fees...no matter how far they drive to do a report...meaning inexpereinced appraisers in markets they know nothing about....plus.Management companies need to be made to quote the consumer the real cost of the appraisal and the cost for the management company fee..hmmmmmmm. I recently reduced my fees by 50% in order to get some new work from Middle management company...Guess what..I still get nothing..I am still quoting higher fees ..I guess.. They could care less about quality..Cheapest period...31 years in the business here....This must stop NOW

We're currently trying to refinance but are having difficulty bacause of this mess. We've paid $500K in and only want to refinance thr remaining $300k. Have had 2 appraisals but the lending company will not accept either. The lending company has set up appt. with La. state senator to discuss our problems. The government is involved with everything. This is socialism to the extreme. I don't know what to do next.

What a joke! New home buy cries cause he had to pay for a second appraisal cause his lender would not accept the first appraisal. Problem not caused by HVCC. Lender upset cause appraisers won't, can't or don't know how to run comps. This is one of the problems in the first place. Lenders pushing appraiser to reach their values rather than allowing the appraiser to do their job and appraise the home for what it really worth. Once again, not a HVCC problem. Video sucks. Housing prices started dropping long before HVCC. HVCC didn't cause this problem. Greedy builders, greedy homeowners caused this problem. Homeowners refied and took out money from their equity with liar loans with minimal interest and with an adjustable loan that they knew they couldn't afford when it did adjust in 3 t 5 years. Now they are crying foul! Give me a break. They weren't crying foul when they got the loan. What what about the loan officers and brokers who gave these people these loans knowing that the data they were presenting was wrong? They didn't care because it wasn't their money they were spending. Well when the house goes upside down and is foreclosed upon, it goes back to the broker who files for bankruptcy and closes shop and goes to work for some other company doing what they did before. Lender cries I want my comp checks back! Hell, when I first started appraising, there was no such thing as a comp check! You were giving the vitals about the house, the lenders vitals and the phone number to gain access. That was it. The appraiser wasn't told I need $XXX,XXX value to make this deal work. If you can't get it, I will find someone else who will. I believe what needs to be done is they need to create a national appraisal order form where on the top you have the lenders data (name, address, order # and that's it), the subject's data (street address, and depending on the area, gross living area, room count and amenities), along with the name and phone number of the person to contact to gain access to the house and that's it! No mention of what they or the owner thinks the estimated value is. If they include a value, I believe they should be fined 50% of their loan fees and the appraiser should be required to turn in any lender who provides a value and they too should be fined 50% of their fee should they fail to do so.

I agree with the video. However, a big portion of the issues lies with completely insane underwriting practices. Let me get this straight... We are in a recession, housing sales are slow, yet somehow there are magically supposed to be 3 identical comparable sales to a property in the last 3 months. I agree that appraisers need to analyze and state conclusions better, but underwriters need to read the reports more thoroughly. The HVCC is the worst piece of legislation I have ever seen

What about all of the Asset Companies working foreclosures listing properties at BPO prices! Have you seen those BPO's? I have and they are disgusting & very unprofessional! Realtors that do numerous BPO's for a living are just sending in anything to Asset Companies from all over, lying on distance milage, styles, etc. This must be stopped!

yep! This is all true!! I have conducted over 7000 settlements and have never seen such extreme appraisal issues. It is costing homeowners and buyers hundreds and thousands of $$$.

its the N.Y.zeitgeist mafia that started this.