Think Tank Report Paints Picture of Mortgage Appraisal Fraud

April 27, 2005 | Mortgage News Daily
Demos is a research institute based in New York City. Billed as a "network for ideas and action" they publish, on a regular basis, tracts and commentaries on a widely divergent series of topics - economic, political, and "other." Among its more recent publications are Households at Risk - the Bankruptcy "Reform" Bill and its Impact on American Families; Making Voting Easier - Election Day Registration in New York; and Swing & Miss - The Linkage Between Steroids in Baseball and the Rising Inequality in Our-Winner-Take-All Society.
Let's now get into one of their more recent reports: Home Insecurity: How Widespread Appraisal Fraud Puts Homeowners at Risk. This report, written by David Callahan, is, if true, a pretty scary look at what may be a house of cards built by lenders, real estate agents, and consumers, aided and abetted willingly or not by appraisers and state and federal regulators.