Politics and Religion
Re: You can't give me one example of bank "fraud" for which
I agree with you, although I do think the relationship between banks and apraisers deserves more scrutinity than it has been given. Banks take your money to hire their appraisers to represent their interests. Most consumers aren't going to hire a second appraiser to be beholden only to them to see if the bank appraisal is accurate ect. In some instances I would say fraud was common with these situations, especially when the bank was selling the mortgage asap. The buyer should take precautions but with apprasial costs being $400+ paying for 2 appraisals is often not possible.
Some of this was addressed I know but it is still sop for the buyer to pay for the banks appraisal. I have even had one bank refuse to disclose the appraisal company they were planning on using. When I said I wanted to research the appraiser with the BBB they thought I was being overly cautious.
use consumers from their fraud?
..."Because that's where the money is." It's the same with all politicians, regardless of party affiliation - they kowtow to their big donors. If they don't, the big money will support their opponents and they'll be out of a job.
consumers lack a remedy. Nor can Krugman, at least in his article.
Neither of the two examples he gave are "fraud." So you don't know the terms of your credit card contract? Read it, dude. So shady operators extend "risky loan products" to the "least sophisticated borrowers?" Um, there are attys and financial advisors would love to advise you for a fee. What a lame article.
Reminds me of the time I was driving I 40 to Vegas and the gas station operator told me I needed a new "regulator" for my car or I wouldn't bank. Not knowing anything about cars, I said put one in. Later found out there is no such thing. Should we form an agency to protect me agaisnt unscupulois gas station operators. Or should I learn a little something about cars?
Kudos to anyone who would vote against yet another consumer protection agency.
I agree with you, although I do think the relationship between banks and apraisers deserves more scrutinity than it has been given. Banks take your money to hire their appraisers to represent their interests. Most consumers aren't going to hire a second appraiser to be beholden only to them to see if the bank appraisal is accurate ect. In some instances I would say fraud was common with these situations, especially when the bank was selling the mortgage asap. The buyer should take precautions but with apprasial costs being $400+ paying for 2 appraisals is often not possible.
Some of this was addressed I know but it is still sop for the buyer to pay for the banks appraisal. I have even had one bank refuse to disclose the appraisal company they were planning on using. When I said I wanted to research the appraiser with the BBB they thought I was being overly cautious.
does not appraiser the property high enough, the bank can't make the loan so sometimes the appraisal would be inflated bc the appraiser did not want to lose the banks business. There was a real problem with Country Wide doing that before its purchase buy BOA.
Interesting that the bank would not disclose the appraisal company. That would raise a red flag to me.
No question there are problems and even abuse b the banks but the consumer has endless judicial remedies as well as agency protection. Look at the DOJ lawsuits against the big banks. The last thing we need is more regulation.
I'll agree with that. Regulation is not the answer, consumers need to be better informed and educated. In the end its their money.
In my situation they said they didn't want me contacting the appraiser and trying to influence the evaluation.
Judicial remedies are the best solution in most cases, but also not cheap for either side.
Give me a fucking break. I don't have time to be informed and educated just the buy a fucking house. My time and energy is spent on my career and family. And, why should have to be prepared to hire an attorney when doing so? Just because both of you have experience in the field doesn't mean everyone else should need a certain level of expertise just to buy a house.
Was I that off track? Sorry to have lost you but here goes. You dont need an attorney to buy a house. That said I bet you looked at more then one home, had an inspection done and an appraisal. If you dont want to do anymore than that its your business. I was stating that banks use your money for their appraisal. It effects sellers as well. How would you feel if the appraisal came back at 150k and you had agreed to pay 200k for the house and said bank badgers the appraiser into raising the home value so the loan goes through? Or wants a lower appraisal so they can attach mortgage insurance?
How you handle your money is your choice but I bet you pay attention to you 401k or Ira...
....but not The Untouchables.
Great story by Frontline, check out the video, quite compelling....
http://www.pbs.org/wgbh/pages/frontline/untouchables/
If it walks like duck, quaks like a duck.....it's a ". ...".
Since the smaller banks can't afford to implement restrictions. A definite competitive disadvantage to the bigger bank. What should have been done is the reinstitution of Glass Steagall, but you would get no New York, New England, or Illinois Dem to agree to that.
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