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Graham Albertini was hired by WaMu from 1999 to 2006 and describes magnificent greed, corrupt management and a complete lack of due diligence that led to $1,000,000 in bad loans.
An appraiser describes the happenings at WaMu
Seeded on Wed Dec 10, 2008 9:56 AM EST
Article Source: St. Petersburg Times > Local News- Enjoy this article? Help vote it up the 'Vine.
- Public Discussion (2)
I was an independent appraiser accepting work from WAMU for about 4 years. When I refused to over appraise homes (in a down trending market) they stopped giving me orders. Apparently my manager was in a region of Southern California that was commpeting with other Southern California regions to see who could make the most loans. As noted above, WAMU management was corrupt.
Further, our Government Officials most also be corrupt. They gave the WAMU Executives a pass when WAMU told them that the whole Sub Prime Fiasco was the appraisers' fault.
Actually the problems started in the Clinton administration when Clinton signed a bill, under the advise of then Chairman Greenspan, that over turned a Great Depression Law that separated Wall Street from the Banks. This combined with HUD, FANNIE & FREDDE's compulsion to put poor people into homes they couldn't afford led to the financial predicament that we're in now.
Using appraiser's as scape goats is like blamming your caddy for one of your poor golf shot.
#1 - Fri Dec 12, 2008 2:11 AM ESTHello Thomas,
Our USPAP, our entire job is to protect the banks from having to deal with this exact problem. We're not working for the homeowner, the realtor or the LOs. Ours is an independent opinion that carries the weight of the responsibility and should carry the respect of the lending institution. No matter the laws, when you have corrupt individuals in high rankings dictating policy and in bed with each other bad things will happen. The appraisers problem is that we are lower on the totem pole and appear to be a scape goat position.
Thank you for your comment. You can read this and other real estate and appraisal blogs a http://activerain.com/blogsview/830002/What-went-wrong-at-Wamu-Review-Appraiser-Speaks-Out
Gynell Stalford
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