Put real estate appraisal 'train wreck' back on track
Letters to the Editor
By Inman News, Wednesday, April 13, 2011.
Re: ‘Regulators take liberties with real estate legislation‘ (April 12)
Dear Editor:
As a residential real estate appraiser who has watched this train wreck unfold I am not surprised at the actions of the Federal Reserve. It is the concurrent opinion of the appraiser forum I belong to that the result of the Fed’s intervention will be fraud by reason of incompetence.
I am certain that the Fed has considered this, as (board members) cannot collectively be that stupid. If, in fact, the abnegation of the appraisal profession is a willful act born of an unspoken intent, then what both the Federal Deposit Insurance Corp. and the Fed have done does not bode well for the American people.
The investor community may already be aware of how the voice of the people who wished to correct the past excesses were stifled (or muzzled). I fear the loss of credibility will result in a cutoff of the supply of liquidity needful for commerce because we have shown we cannot be trusted with other people’s money.
Steven Davis
Real estate appraiser
A`Cuara Appraisal
Claremont, Calif.Dear Editor:
I can only hope that the Federal Reserve is forced to revise (these rules) immediately. Appraisers like myself have started losing everything we’ve ever worked so hard for. In my case, I am just about to lose my home as a result of the damaging application of these rules.
When you look at all the expenses of being an appraiser, it very sad that the Fed would write something like this. The beneficiaries of the (appraisal management company) business model are the big banks.
The whole situation is a shame.
Alfred Okoreeh
Real estate appraiser
The Alfred Group
Pomona, Calif.
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