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dd: (April 06, 2010 8:54am)

Speaking of underwriters.....All underwriters need to be certified residential appraisers if they are going to be reviewing appraisals and cutting values. USPAP violation to do appraisal work without proper training and licensing! Go Get em loan folks! Turn them in to your states appraisal licensing people.

ElaineB: (April 05, 2010 7:42pm)

I've heard that the class action suit against Indymac Bank is being rushed to settlement and that all other Indymac customers that didn't know of the suit or didn't join the suit will be precluded from suing Indymac if they didn't sign join on this suit (closing date was 3/15/10). Sounds like something Indymac itself schemed to begin this suit in order to "rush" it thru and avoid suits from their entire borrower base. Can you investigate this? Does anyone know who Sam Lindstrom is? He endorsed all those promissory notes in blank as an Indymac Bank FSB Vice President. Would like to be able to subpoena him into court to find out when he signed those documents.

confused LC: (April 05, 2010 6:07pm)

FHA requires FHA lenders to issue W-2 and to treat loan officers as employees, however, what happens if the FHA lender does not act as an employer? i.e. does not provide health insurance, pay for the testing or registration for NMLS....what are we to do?

SouthlandAppraisersUnion.com: (April 05, 2010 5:54pm)

sus socal appraiser" yes But if you want, think it over, you might pick fans in Alabama , to New York that start screaming to their congress. Never know. But anyway wish you luck, press on . I can never give up on our country but we have to realize that we are in some troubled waters, and being fed lead. And the troubling part is there are people right now that can tell you, not guessing. They can tell you who is going ot be runing for office in 2020. They are cloning them.lol BUT WE SHEEP follow the sheppard..... The report about the job market last month is BS,it included the census takers.

sus socal appraiser: (April 05, 2010 5:40pm)

Southland Appraisers (10:36am) - thanks for the internet suggestion. MY POINT is to get our Message OUT to Consumers, Press & our Rep's....I'm afraid that doing an "Web" is only preaching to the Choir - us.

CornerstoneKathy: (April 05, 2010 3:24pm)

Southland..I am in NJ and I always paid the appraisers that were only working for me as employees and thank goodness because we had a labor dept audit..and when it ended they owed me money. If appraisers were a part of that ..they werent aware..in fact the words from the auditors mouth was Realtors are the sacred cow. They can be paid a 1099 no matter what..why are the AMC appraisers that only work for that company not employees? Thats was one of the 3 items they were looking for in my audit.

Mark: (April 05, 2010 1:52pm)

Anybody have a contact in HUD that I can get a firm answer to ML09-28? I have an Investor that will not provide me with the information as to the breakdown of the aprpaisa fee, The FHA appraisal was ordered through an AMC and it is a requirement to provide the breakdown of what actually got paid to the appraiser and the AMC. Im not getting any co-operation from the AMC nor the Investor.

Allison Appraiser: (April 05, 2010 1:42pm)

See seven and eleven down below, I don't see many of you sending your comments to congress. This is our last week to put in our 2 cents.

SouthlandAppraisersUnion.com: (April 05, 2010 1:16pm)

Sorry do not know what happened there At the time the law was past the appraisers were part of the realtors, they were never removed, just because appraisers were divided from realtors later, the apprasiers are still under the same law, of course we are too stubborn to unite.lol. Think about that an appraiser was never removed and the realtor where again excluded.

SouthlandAppraisersUnion.com: (April 05, 2010 1:14pm)

dEWAR lOANbIZ AND cORNERSTONE,: at the time the law was past teh appraisers were part of it, they wer enever removed, just because appraisers were divided with realtor, the apprasiers are still under the same law, of course we are too stubborn to unite.lol. think about that an appraiser was never removed and the realtor where again excluded. qs never r ate

loanbiz: (April 05, 2010 12:45pm)

You may have something there C-stone Kathy. The realtors have the NAR lobby and loan reps and appraisers don't. It's all about money and influence and not what makes sense and is fair.

CornerstoneKathy: (April 05, 2010 12:19pm)

The 1099 issue for LOs and the HVCC saying you cant collect COD is being pushed so that the government knows every dime you are earning is being paid income taxes on at the time its earned period! Realtors are the sacred cows though..they will be the ONLY business in the world that will stay as independant contractors. Watch out AMCs they are going to think your appraisers are employees too..

SouthlandAppraisersUnion.com: (April 05, 2010 11:32am)

I wrote Mr Sessions he replied that most of the problems where BINGO BOB RILEY'S FAULT. So I wrote Bingo Bob and told him about the problems with the secretary that he appointed to be the director of the Alabama appraisal board. HE Promptly replied to me . I will make sure this is investigated ,I will send it straight to the director of the appraisal board. lol The mouse has a problem, let the cat handle it.. Of course the only thing that the fed was guilty of was NOT putting any law to say the appraiser had to be paid. So the lender often would say oh that deal did not close. And he would expect you to drop the fee. And of course he is giving you 10 a month so what do you do, sue for your fee. Or just say once again Jeff Session screwed me. PLUS of course a pressure for the weak hearted to make the deal appraise for enough. Now I know that not all appraisal boards are the laughing stock that the Alabama Appraisers Board is , but I ask they do their job honestly. IN ALABAMA you have to pay the state $200 to hire a trainee and the trainee has to pay the state $200 to go to work.

SouthlandAppraisersUnion.com: (April 05, 2010 11:30am)

Sir, It was good to see you the other night with your son. And of course I could not bring such as this to a social evening, but I would like to have a lunch with you to give you something that I think you seldom get. 15 minutes of pure honesty. Only in the spirit of trying to help. You see Porter's have been selling land in this territory for over 174 years, an just might know a little something about it. Below is a cc I sent to Mr Sessions Start Packing When you List with Porter www.SouthlandAppraisersUnion.com www.RegionsLawsuit.com This is my stand. And of the 50,000 appraisers that have been rape because of a few. We all have 10 centers of influence, and those 10 have 10 , so then the sting begins to weaken, say 5 , then 3 , SO, 50,000 x 10 =500,000 x 10 = 5,000,000 x 5 = 25,000,000 x 3 - 75,000,000. SO far that is 75 million votes you will NOT GET , EXCEPT OF COURSE for that one guy that thinks Jeff Session is doing his job,.

Ill Appraiser: (April 05, 2010 10:38am)

Allison Appraiser just gave us all a great tool at http://capwiz.com/affil/issues/alert/?alertid=14833271. I just added a comment about eliminating HVCC and sent it effortlessly to my senators. Thanks Allison!!

SouthlandAppraisersUnion.com: (April 05, 2010 10:36am)

sus socal appraiser: I would be happy to help you put it live on the interent if you have a laptop and webcam. It is really pretty simple, would probably cost less that $20 to do. Let me know, I am no expert but I have learned how this is done. We have to Understand that what appraisers are going through is national, we have to unite nationally. So, appraiser all over might tune in and as a matter of fact if you wanted you could read instant message questions... josh

sus socal appraiser: (April 05, 2010 10:26am)

I want to organize a "SoCal Appraiser Rally" on 4/14/10, for those of us who cannot go to the DC Rally. I have a call into Rep Gary Miller's OC office. I need some suggestions as to Where to Hold this, & if anyone is interested in showing up. Peaceful, Professional, Thanking Rep Miller for his support, HR4173, HVCC cost Consumers, AMC's "Cheap & Fast", Appraisers are now "Day Laborers...not Professionals...... Anyone interested contact me [email protected]

loanbiz: (April 05, 2010 10:20am)

I'm right with you, crawdaddy. Why would the quality of an FHA loan be any different from a W2 L.O. or a 1099 L.O.? The loan would be underwritten on its merits either way. What am I missing or is this just another illogical gov't requirement?

Allison Appraiser: (April 05, 2010 9:35am)

I believe it got approved and went to the Senate who watered it down and made a 'council of regulators' which can overturn any decisions made by the new Consumer Financial protection agency and the council is domimated by the banks and they can waive any decisions. check out this: http://capwiz.com/affil/issues/alert/?alertid=14833271

Anonymous: (April 05, 2010 9:21am)

Ken Lay is still alive guys... :) If he can pull off one of the biggest scams of all times, he can fake his own death and get away with it..

stan the man: (April 05, 2010 9:17am)

Can anyone update me on what is going on now with HB4173

Allison Appraiser: (April 05, 2010 9:08am)

thanks to 5pence How many of you have called or written???? call or write to Paul Kanjorski (Pennsylvania) this is our last hope on the national level also here's two staffers: [email protected] [email protected]

Joecolorado: (April 05, 2010 9:01am)

I am also glad to see that there is someone out there that is more concerned about how I state something,other than be concerned over what was written.The politicians do exactly the same thing baiting and switching.

Crawdaddy: (April 05, 2010 9:00am)

Why does FHA care how L.O.'s are paid? Who are they the IRS? FHA needs to worry about FHA. How I get paid is between me and the IRS and everyone else needs to mind their own business.

SouthlandAppraisersUnion.com: (April 05, 2010 8:53am)

Well in my humble opinion THE PROBLEM IS THIS: For Hundreds of years in America a mna said I can build this for $5 the parts are $4, and I can sell it for $12 AND MAKE A $3 PROFIT and that will be good business. But for the last 25 years or so it has been I can mkae it for 4, parts are 4 and I can advertise to the sheep and they will have to have one so I can sell it for $19.95 and I will soon be rich. THAT IS WHEN THE HONOR AND INTEGRITY left. So then the next step was simple I can send this to China and the slave labor can cut my cost and I will be richer than my neighbor and hav emore toys that are also built overseas. But one no jobs here. SURELY you all know that the new jop rates INCLUDED all the temps hired for the census. We have problems and until we start to creat things again, until we learn to vote for the ugly guy if he is the best, until we remember that raising our children is not the purpose of the television, and the video games that you buy them to ease your mind

Joecolorado: (April 05, 2010 8:49am)

I also dont capitalize with people that disagree with me,I understand the value of dialogue and I am educated enough to realize that there is hopefully more than one point of view of any subject.I capitalize to emphasize a word or sentence,thats all,whether you agree with me or not is something you have to express..

Joecolorado: (April 05, 2010 8:43am)

I am not shouting for shoutings sake,I have no other way of expressing an inflection on a word or sentence.If you know of a method of doing so please inform me,I would appreciate it,

CJTAZ: (April 05, 2010 8:19am)

JoeColorado: While we all understand your passion yelling at folks in CAPITAL LETTERS who disagree with you is a bit juvenille on a discussion board. My buyers are not always looking beyond their means they are simply being out bid on each and every entry level home by the cash investors. I am not alone. I train agents all over CA and they state this is epidemic. Discussions=Good, Shouting=Bad.

Joecolorado: (April 05, 2010 8:09am)

If the performance bonuses are contractual,then they need to take that facet of their employment up with the shareholders as THEY negotiated the contract with the exec.The bailout money shouldnt be there to reward performance failure.Now we taxpayers are being underwriters to bad decisions by incompetent execs,who are now laughing ALL the way to the bank,but I wonder if they will put their bonus money in the same bank they just ruined?

loaner55: (April 05, 2010 8:08am)

Here's the problem with letting the Investors buy all the property because they have the money to do the rehab....it's called i-n-f-l-a-t-i-o-n. Aren't we all suffering because of artificially inflated vales right now? A better solution is letting owner occupied buyers get 203k's or something similar and then agreeing to live in the property for 3 years minimum. Besides, who are the bulk of the investors? Bet a lot of them are the same people that put the lead paint on our kids toys. Back in the boom in '05 Arizona builders for one would limit the number of Investors buying into new homes to 15%.

GODLIKE: (April 05, 2010 8:06am)

Joecolorado I'm not so sure it was so much the bank's taking a calculated risk on a marginal borrower as it is property values falling (at least in parts of the country like Cali.). And your hindsight is showing, the UW guidelines, which the banks didn't develop, had some holes in them made obvious by time, but not so obvious when they were in place. Although many of us screamed and hollered in 1999 when the changes went into place and said they would lead to foreclosures, we just didn't know how many foreclosures.

Joecolorado: (April 05, 2010 8:03am)

banks are a business,which is making money by taking on a risk of lending at a rate of return to that bank and their stockholders. They have execs that get paid a gazillion $$ to ensure their investment is safe,thats THEIR JOB,but when they do a bad job with shaky investments/pushing the envelope with marginal borrowers,the risk should be borne by the shareholders as THEY employ the execs,not the taxpayer and as for bonuses!where and why do execs get bonuses for failure?HOW did THAT happen and why is it being tolerated with bailout money?

Joecolorado: (April 05, 2010 7:56am)

If they cannot afford the stinky uglies,there shouldnt BE a problem,GO AWAY until they can afford it,or buy a home that is within their budget.THATS part of the problem,as there is a massive difference between WANT and NEED,having one doesnt equate to the other.WE ALL want the very best, but if we dont have the wherewithall to obtain that very best,we need to get to a position where that is a possible/viable financial option.The banks have absolutely no right to put US,the taxpayer,in a position that necessitates the defaulter's loan being taken on by US,after all the banks took the calculated risk of lending to a marginal borrower,and then realizing their"calculated"risk was not viable, they come whining to the taxpayer to bail them out....And we did!!!!.The banks(an independent business)will go on getting returns for bad loans as the risk has now been underwritten by the taxpayer.What a crock!!!!!I should have bought stock in FNMA as the return is guaranteed.

CJTAZ: (April 05, 2010 7:36am)

Investors can and should be given the opportunity to fix and flip but only after the owner occupant buyers take a pass on the property. Many buyers in CA can not locate a home in the entry level position because they get out bid (not necessarily higher bid) by cash buyers. HUD does many things wrong but they do this right they make the opening bids avialable to owner occpants first and then release the bidding to investors after a 7 to 14 day period. P.S. Anyone ever hear of a product named 203K? Sure they can be a hassle but they do solve a huge issue with substandard properties that many owner occupants have no clue exist. Often they put owners into homes in a neighborhood that they could otherwise not afford by selling them the stinky uglies.

Joecolorado: (April 05, 2010 7:22am)

The re-developer is taking a gamble and should get remuneration for that gamble.They are paying their own way,refurbishing a property with materials bought locally,and putting money INTO the system, which benefits us all.BUT where we just give cash away to defaulters is insane.Good money after bad,the only person in that scenario, that makes out like a bandit IS the bandit.

Joecolorado: (April 05, 2010 7:18am)

sorry I cannot see the problem of a developer rehabbing the property for a profit but more importantly while s/he is doing so they are PAYING THE MORTGAGE,which would have obviated the problem of defaulting in the first place.If people cannot pay the mortgage,they should rent.Why should anyone else be forced to pay their mortgage?(by subsidies,freebies,tax breaks or any other kind of government assistance.)If and when the assistance is given,there's still no guarantee of the mortgage getting paid,and to be frank,why should they worry about paying the mortgage if we keep on bailing the defaulters out.Its not free money,WE as taxpayers will be bearing the cost of this and I have a hard enough time paying my own bills without paying some one else's.The USA is the land of milk and honey, but it isn't be free milk and honey,They should get up off their ass and work for it and PAY THEIR OWN BILLS,where is their pride?.

QB of RE: (April 05, 2010 6:42am)

Anonymous, I think you are confusing the investors who bought the messy loans with the investors who buy a filthy, disgusting property, roll up their sleves and spend $25,000-$50,000 to go in with their crew and make a dump into a pretty piece of property. Buyers don't want to buy the American Dump, they want to buy the American Dream!

brian tbws: (April 05, 2010 6:41am)

Hey Lets go fishing. Washington not only thinks they can get us out of our problem. they think its their job to fix the problem. sometimes the best action is no action.

LetsGoFishing: (April 05, 2010 6:17am)

The idiots in DC who got us into this problem thinks they are smart enough to get us out by further tinkering. If you want to make a profit, you are going to have to find another way to do it. For the next several years, traditional real estate and real estate financing will be a bust.

Problem Solver: (April 05, 2010 6:04am)

Anonymous: 1st time home buyers typically don't have the cash/credit or desire to do the req'd rehab. Giving one group an artificial advantage over another is discrimination and just plain wrong.

Bigg in Colorado: (April 05, 2010 5:53am)

So FLA Appr: I hear China is a good option lately.

South Fla Appraiser: (April 05, 2010 5:00am)

To problem solver: Making a profit in this formerly capitalist country is considered immoral and it no longer allowed. If you wish to be allowed to profit, you may need to move to Singapore or Switzerland.

Anonymous: (April 05, 2010 4:58am)

So what is wrong with profit? Not a darn thing - there is something wrong with greed - which is where the smell of profit always goes.....investors - greedy ones anyway - got us in some of this mess! It is time for the 1st time buyers to get a break in these states.

mmshelly: (April 05, 2010 4:57am)

Right with you problem solver. The system needs to quit hating on these guys. They are keeping the market alive right now.

Problem Solver: (April 05, 2010 2:02am)

It's the investors that have the money right now. Why can't they buy these properties from auction, rehab them and then make them available to owner occupiers. Many owners don't want the hassle of rehab. And what's so wrong with profit?

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