Tuesday, September 4, 2007

Mortgage Fraud and Preditory Lending

As the Congress prepares to return from "Summer Vacation", the scuttlebutt from the Hill is centered around the the financial market's unrest due to the current sub-prime meltdown. The Senate has yet to act on any of the House measures which had been forwarded to them prior to their departure. Hence, any legislative action focused on helping those borrowers whose decisions were not quite financially responsible, is many months off.

As appraisers, we are responsible for unbiased valuation opinions for many of these transactions. It is interesting to read the Appraisal Institute's talking points for the 2007 legislative session. You can peruse them @: http://www.appraisalinstitute.org/govtaffairs/downloads/tlkng_pnts_fnl.pdf

The "Actions Requested" section is especially informative.

John Huston
Florida St. Cert. REA RD-6006

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