Just saw this http://seattletimes.nwsource.com/htm...yndication=rss

I find it surprising that even the lenders are pushing for higher appraisals to go through. Seems like they are only shooting themselves in the foot when prices drop further and interest rates go higher forcing these homeowners to sell at low prices, or worse foreclose, on a home they overpaid for because the appraiser was pushed to write a bogus appraisal.

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Haven't you heard? The "lenders" don't actually loan their own money. They borrow that money, use it to close the loan, and then sell the loan to investors and get their money back, then they pay off whomever they borrowed it from. Most mortgage brokerages do not hold on to the loan, or any substantial amounts of cash. They make their money on the origination and on servicing. That's why they're more than happy to write out as many of them as possible.
That industry needs more regulation. Many people think real estate is full of crooks, but have no clue the shade going on with lending.

Man! It's even worse than I thought.

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Oh yeah... more than once did I try to negotiate a short sale just to get shot down with "we don't care, the loan is insured"

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