Reason is rearing it's head in the Sub Prime and Alt - A crisis, and it's a beautiful thing! Work has been progressing under the radar to get lenders and borrowers to sit down and renegotiate some bad deals. See this article in Business Week on line.
Now that's a smart move! When bad deals become apparent, it's time for responsible parties to admit the deal is not supportable and act in the best interests of both both....the market at work!
Not to toot Appraisal Scoop's horn....well, that's not true...it's time to toot Appraisal Scoop's horn! The first column written about the Sub Prime crisis suggested this very solution for many of the potential problem loans.
This isn't the first suggestion we've made which ultimately surfaces in policy or industry initiatives. We'll be discussing Black Lists again soon, and the insightful study done by the Mortgage Bankers Association subcommittee, which closely matches many of the suggestions Appraisal Scoop made this summer in it's Black Listing Series.
No, Appraisal Scoop is not claiming to be smart. What we are is simple business folks experienced in the Appraisal Profession, experienced in business, filled with common sense beat into us by the real world.
What we do modestly claim is that Appraisal Scoop should be on your daily reading list. Not for the latest headlines, (we do offer that) but for the experience and common sense that is sometimes offered here....
The old saying "A blind squirrel occasionally finds an acorn." seems relevant. Our modest goal is to exceed the success rate of a blind squirrel. So far, we think Appraisal Scoop is succeeding! We hope our readers agree!
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The author is the owner of Acorn Appraisal Associates, a 22 year old firm offering a wide range of quality appraisal services to the Financial and Business Communities. [email protected]
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