"A Dirty Little Secret: Are They Back?...

A recent email I received from a concerned appraiser;

In his words:

I'm an appraiser in michigan........I come to this site very infrequently since I'm so busy doing reos and fifth third equity loans.........but I need to let you know another little dirty secret. Recently the rise in calls I'm getting from "basement brokers" has risen dramatically.

Thank God around march of 2007 they all went out of business...........but they are back!!!!!
And they're doing or trying to do FHA refinances. They are the same slimy brokers who created the subprime fiasco and now they're using fannie and freddie to proliferate it.

Where are the controls?

I can tell you if there is an appraiser (I'm sorry to say since I am one) who needs money....they will over-appraise a property.

In michigan, since values have dropped 10-20% in the past 2 years...how in god's name can anyone who put down 3% ever be eligable for an FHA mortgage? But believe me there will be mortgages made all over Michigan and elsewhere.

This is the deal....hopefully you can do something because I can't.

If you would like to speak with this writer...please email me.

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Mortgage servicing companies -an unregulated industry.

Listen to Katherine Porter's interview on her recent report: "Misbehavior and Mistake in Bankruptcy Mortgage Claims"