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Capricious

Beach Fanatic
Jul 11, 2005
423
42
"The problem became so severe in Florida that appraiser Pamela Crowley said she started an e-mail distribution list in 2003 for real estate appraisers to report suspicious sales and refinancing deals.

Crowley said she was forced out of the appraisal business because she refused to report property values that were higher than the actual worth. She has turned the e-mail list into a Web site, and says she now works with a snub-nosed .38-caliber pistol at hand because she's afraid of retribution..."





http://tinyurl.com/2ur6ms
 

NotDeadYet

Beach Fanatic
Jul 7, 2007
1,422
489
Anybody else watch Bernanke this morning? He was talking like the only problem is the subprime mortgages. So, what about these overvalued properties? Am I to believe they are all subprime? :dunno: And what about the prime ARM's that will reset this year? :eek:

I'm going with Shelley. I don't think it's done yet, either.
 

Capricious

Beach Fanatic
Jul 11, 2005
423
42
I'm shorting the national real estate recovery of 2008

Of course, local results may vary, but before one goes
long on panhandle near-coastal real estate, keep in mind
that it is mostly outside money that feeds the market.

If Joe & Jane Midwest can't borrow more money for a retaining wall,
Raymond of Ray's Retaining Walls can't buy his near coastal
retreat.

And Roger Retired is checking out how his stocks did today
(not well, I might add.)

There will always be the big money.
 

Bob

SoWal Insider
Nov 16, 2004
10,364
1,391
O'Wal
"The problem became so severe in Florida that appraiser Pamela Crowley said she started an e-mail distribution list in 2003 for real estate appraisers to report suspicious sales and refinancing deals.

Crowley said she was forced out of the appraisal business because she refused to report property values that were higher than the actual worth. She has turned the e-mail list into a Web site, and says she now works with a snub-nosed .38-caliber pistol at hand because she's afraid of retribution..."





http://tinyurl.com/2ur6ms
that's sound very typical of the industry....all gunowners
 

SHELLY

SoWal Insider
Jun 13, 2005
5,770
802
Anybody else watch Bernanke this morning? He was talking like the only problem is the subprime mortgages. So, what about these overvalued properties? Am I to believe they are all subprime? :dunno: And what about the prime ARM's that will reset this year? :eek:

I'm going with Shelley. I don't think it's done yet, either.

I watched Bernanke today...He might have looked like Mr. Cool, Calm and Collected, but I bet he was wearing a Depends. If you read between the lines you could see that he knows good and well that the current U.S. economy and his precious banking system is in the ditch. He also knows that unless the U.S. population and government doesn't wean themselves off the "Teat of Debt," the country is heading for 3rd World status.

I hope he has the cojones not to give in to Wall Street's cry for a pre-meeting emergency rate cut. The country needs some "tough love" right now.

Did you see this cartoon show on Squawk this a.m.? http://www.cnbc.com/id/22706231



/
 
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NotDeadYet

Beach Fanatic
Jul 7, 2007
1,422
489
I had not seen that, thanks for the link. Hemingway and Faulkner :roll:
Actually I thought Bernanke looked nervous. So did the person watching with me. :eek:
 

SHELLY

SoWal Insider
Jun 13, 2005
5,770
802
Revenge of the Appraisers II

---------------------------------------------------------
WaMu accused of appraisal fraud
Lawsuit claims the lender told an appraiser to offer a rosier housing outlook so risky mortgages could get approved.

From Money Magazine's Stephen Gandel

NEW YORK (Money) -- A former real estate appraiser for Washington Mutual is suing the bank, claiming she was blacklisted last year for providing a housing market forecast that was too gloomy.

Jeniffer Wertz, who is seeking unspecified damages, says WaMu stopped accepting her appraisals in mid-2007 a month after she reported that her local housing market in California was "declining."

In the lawsuit, which was filed a week ago, Wertz says she completed appraisals on two houses in May and then quickly got a call from a WaMu (WM, Fortune 500) sales manager demanding she change her outlook to "stable" so a loan could be approved.

The WaMu sales manager also demanded Wertz change her appraisal process to produce higher prices for the properties she was evaluating, according to Wertz's lawyer Stephen Danz. The higher an appraisal comes out, the more likely it is a home loan will get approved.

When Wertz refused to comply, she claims the sales manager threatened to block her from doing future appraisal work for the bank. A month later, Wertz's suit says, a third-party appraisal request assigner told her WaMu would no longer accept her work.

http://money.cnn.com/2008/01/17/real_estate/wamu_lawsuit.moneymag/?postversion=2008011712
 
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Bob

SoWal Insider
Nov 16, 2004
10,364
1,391
O'Wal
I watched Bernanke today...He might have looked like Mr. Cool, Calm and Collected, but I bet he was wearing a Depends. If you read between the lines you could see that he knows good and well that the current U.S. economy and his precious banking system is in the ditch. He also knows that unless the U.S. population and government doesn't wean themselves off the "Teat of Debt," the country is heading for 3rd World status.

I hope he has the cojones not to give in to Wall Street's cry for a pre-meeting emergency rate cut. The country needs some "tough love" right now.

Did you see this cartoon show on Squawk this a.m.? http://www.cnbc.com/id/22706231



/
Tough love like a full blown panic as the Fed does nothing....excellent idea Shelly. That's as original as GW telling the Saudis to pump more oil as he does nothing on the domestic front to eliminate our foreign oil dependence. Perhaps the Fed should raise rates and crush all the little people.
 

elgordoboy

Beach Fanatic
Feb 9, 2007
2,513
887
I no longer stay in Dune Allen
I watched Bernanke today...He might have looked like Mr. Cool, Calm and Collected, but I bet he was wearing a Depends. If you read between the lines you could see that he knows good and well that the current U.S. economy and his precious banking system is in the ditch. He also knows that unless the U.S. population and government doesn't wean themselves off the "Teat of Debt," the country is heading for 3rd World status.

I hope he has the cojones not to give in to Wall Street's cry for a pre-meeting emergency rate cut. The country needs some "tough love" right now.

Did you see this cartoon show on Squawk this a.m.? http://www.cnbc.com/id/22706231
/
There is enough to really be concerned about without hyperbole. Third world status for the United States is pretty much out of the question short of nuclear/biological holocaust or the like and then the whole world is done. We have lots of infrastructure and the ability to create more. I'm not worried about having a distended belly and flies on my crusty eyes.




Tough love like a full blown panic as the Fed does nothing....excellent idea Shelly. That's as original as GW telling the Saudis to pump more oil as he does nothing on the domestic front to eliminate our foreign oil dependence. Perhaps the Fed should raise rates and crush all the little people.
What do you suggest the Fed do? Or are you just wanting to blow off some steam?
 
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SHELLY

SoWal Insider
Jun 13, 2005
5,770
802
Tough love like a full blown panic as the Fed does nothing....excellent idea Shelly. That's as original as GW telling the Saudis to pump more oil as he does nothing on the domestic front to eliminate our foreign oil dependence. Perhaps the Fed should raise rates and crush all the little people.

Bernanke should NOT become Wall Street's Biyatch.

He needs to take advise from Rudyard Kipling...

If you can keep your head when all about you
Are losing theirs and blaming it on you;
If you can trust yourself when all men doubt you,
But make allowance for their doubting too;
If you can wait and not be tired by waiting,
Or being lied about, don't deal in lies,
Or being hated, don't give way to hating,
And yet don't look too good, nor talk too wise...

If you can force your heart and nerve and sinew
To serve your turn long after they are gone,
And so hold on when there is nothing in you
Except the Will which says to them: "Hold on!"
 
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