Appraisal News and Business Tips

Why are Appraisers Furious at Fraud by their Peers while Corporate Lawyers are Complacent?

Thanks to appraiser Joe Lynch for posting this link online!!

Excerpts:
I have done a series of articles about the efforts of honest appraisers (which began in 2000) and loan brokers to alert the lenders, the markets, and the government to the twin fraud epidemics (appraisals and “liar’s” loans) committed by lenders’ controlling officers that drove the financial crisis.

Honest appraisers could have profited greatly by becoming dishonest appraisers who would be given the lucrative assignments by fraudulent lenders’ controlling officers and their agents.  Instead, honest appraisers suffered serious losses of income because they refused to succumb to the extortion efforts of the fraudulent lenders and their agents.

I have spoken to several groups of professionals who audit and many board members.  I always ask:  “who were the heroes?”  Which members of their profession stood up and put their careers on the line to prevent the crisis?  They have not been able to come up with a hero from their professions.

What about corporate lawyers?  I get the same answer about heroes when I speak to legal groups made up of professionals who represent corporations

Why are Appraisers Furious at Fraud by their Peers while Corporate Lawyers are Complacent?

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