Appraise This

I was happy to see a story regarding the destructive effects of the HVCC on the local news - see it here:

http://www.news10.net/news/local/story.aspx?storyid=65815

There is a nice article, and you can see the TV piece by clicking in the video pane at the right.

Finally, a news story that didn't blame the "corrupt appraisers" for the unsustainable price inflation, mortgage meltdown, and economic downturn!

Let me just recap: the HVCC (Home Valuation Code of Conduct) prevents selection of an appraiser by the loan originator or those involved in the transaction (homeowner/realtor).  Now AMC's have become the dominant channel by which lenders acquire an appraisal.  Due to the AMC's flawed practices (only hiring the fastest and cheapest rather than the most experienced...) the appraiser used is often from a distant area and has little knowledge of the subject area.  Remember, this is the appraiser who agreed to work for the AMC with a 50% pay cut and to deliver the work twice as fast as could possibly produce credible results...  So, they get a bad appraisal and the deal falls through.  Thus George Warren's story: Realtors: Home Appraisal Rule "Destroying" Recovery

I was less impressed with the comments regarding the story.  More blame without knowledge.  Very sad.

If you look to place blame, please understand the people/professions involved and the underlying rules and processes.  In each profession are those who are dishonest and SHOULD be held accountable.  Blame those few, not an entire profession.  It just makes your argument petty and makes you look silly.