The story starts out as the typical mortgage fraud story of a mortgage banker writing loans that rely on faulty appraisals and exaggerated loan applications, leaving behind angry homeowners who are struggling to pay mortgages on overpriced homes.
But the interesting twist on this story are the detailed comments on the appraisals and appraisers! Below are a couple of excerpts from the article.
"There's a lot of data in that appraisal that was done in such a way to support the value that they were coming in with," said Ken Rossman, a Wantagh appraiser who began noticing the high values on Wider homes a few years ago and reviewed the appraisal at 1004 North Broadway at Newsday's request. "It bore no relationship to the market."
Rossman and other appraisers said that the prices charged for the Wider appraisals -- $850 and $1,000 -- were more than double the going rate for a report on such homes.
"I would say that's excessively high," said Dominick Pompeo, a Manhattan appraiser who sits on the New York State Appraisal Board, which regulates appraisers.
Once again . . .appraiser identity theft!
Another appraiser, Randall Jonason of Mount Sinai, said in an interview he has never worked with Aaron Wider and did not write the two appraisals on which his name is listed. He said he has hired a lawyer, was deposed in the GMAC lawsuit and said Mirando was one of his teachers at the Appraisal Education Network School in Bohemia. Asked about Jonason's name on the appraisal, Wider declined to comment.
Click here for the full article: Homeowners entangled in loan scheme.