Dear Attorney General Stephen Carter:
I am posting a few articles below for you to read. The reason, is because you have been too slow to file charges against the Fort Wayne Housing Partnership, and I thought maybe these articles would help you move a little faster. This is the same agency that was to turn over millions of dollars to a trust, but the money is no longer there.
New Headache for Homeowners: Inflated Appraisals
Rosy Valuations, Common In Boom, Now Haunt Sellers
'It's Pay-the-Piper Time'
By James R. Hagerty and Ruth Simon, The Wall Street Journal, 1485 words
Jul 22, 2006
Appraisals are only opinions, and appraisers often disagree on the value of a home. But wide discrepancies can mean that at least one of the estimates was unrealistic. No one can say how many appraisals are unreliable. Still, Iowa Assistant Attorney General Patrick Madigan, who coordinates with law-enforcement officials from other states on mortgage-related issues, believes the deliberate inflation of appraisals is "widespread" among loans to subprime borrowers, or those with flawed credit histories. Jacquie Doty, an executive at Freddie Mac, a big provider of funding for home mortgages, predicts that inflated appraisals will lead to more foreclosures. click here.
Also, this one is a good read.
A special thanks goes out to bj for the heads up.
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