Quote:
Originally Posted by dale@goldenruleproperties
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I think the Interstate Commerce Commission (ICC) will need to help us out on this one at some point. I'm in Vermont performing a service at the request of a BPO entityin say, Colorado, who has been employed by a Bank or Mortgage Company in Washington State. That seems to be Interstate Commerce, and crys out for regulation.
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Be very careful of what you wish for and who you ask to straighten your bed for you because eventually you will have to lie down on it.
Part of the mess everyone is dealing with now is poor property evaluations and sloppy underwriting where the underwriters needed 1 more comp to support a higher price then a property was really worth and the loan company was loaning over 100% of value.
I started appraising and doing more bpo back around 2000 until I decided I no longer wished to be part of a problem that was easy to see coming. (Big Ole' Freight train a Comin') IMO practically everyone did all they could to make sure this downturn ( recession ) would happen. I think it's called Greed
