The following is an excerpt from the http://www.HousingWatch.com article "Are Appraisals the New Organized Crime?" by Sheree R Curry
Greedy appraisers, who put lofty valuations on properties to please lenders and line their pockets, played a large role in the housing bubble. And the fallout continues: On Jan. 29, a former Beverly Hills real estate appraiser was sentenced to three years in federal prison for her role in a multimillion-dollar scheme to profit from inflated property values.
The conflicts have led to the increasing use of appraisal management companies -- middlemen that are supposed to act as a firewall between lenders and appraisers.
But appraisal management companies probably aren't the solution to appraisal fraud. In fact, a closer look at the industry and its scandals reveals a "Godfather"-like underbelly, complete with death threats on public officials, stings and yes, actual murder.
Click below to read the source article and let Sheree know your thoughts . . .
Source: Are Appraisals the New Organized Crime?" by Sheree R Curry
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