Our critique yesterday of the lobbying efforts of the commission sales people’s organization (Realtors and Mortgage brokers) included letters from these groups to their members and public officials.

Be sure to see these Lobbying Letters from the NAMB and the NAR here:

NAR Urges 18 Month Moratorium on Appraisal Reform

Mortgage Broker’s Anti-Appraisal Reform Lobbying Effort

Realtor’s Anti Appraisal Reform Lobbying Effort

Category: Bailouts, Credit, Regulation

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

9 Responses to “Dastardly Real Estate Lobbying Letters”

  1. CNBC Sucks says:

    Dastardly?

    Been watching old “Wacky Races” reruns lately, Cranky?

    I had a crush on Penelope Pitstop myself.

  2. Bruce N Tennessee says:

    Maybe they were “Sons of Bachelors” as old Herman Melville said in Moby Dick…

  3. Ned Bushong says:

    As I’ve mentioned before, illegal appraisals by licensed appraisers is one of the two problems that caused the entire mess.

  4. willid3 says:

    because their mouth is moving?

  5. buckykatt says:

    The NAR and it’s members will become obsolete over time as people realize they are not needed as much in a digital world.

  6. [...] it seemed as though Yun was just upset about mark-to-market pricing for houses, and we jumped on Barry Ritholtz’ bandwagon of attacking the NAR for opposing new [...]

  7. ella says:

    What have we here? CNBC is pushing the reform of the new appraisal law. http://www.cnbc.com/id/31529887

    “By: Diana Olick
    CNBC Real Estate Reporter

    I want to thank everyone for the emails into the RealtyCheck@cnbc.com regarding the Home Valuation Code of Conduct.

    Hundreds of mortgage industry representatives, from small and large shops, sent in stories of botched appraisals, of allegedly negligent appraisal management companies, and of lost deals that are so necessary to recovery in this fragile housing market.

    Very very few of you argued the opposing side. ” …

    Diana goes on to say “I’m staying on this of course, as I happen to know there will be a huge push on Capitol Hill in the coming months to change the HVCC. Thanks again for your emails and reports.”

  8. Kemery says:

    Sorry to rain your parade, but everyone has a dog in this fight. I have read the comments to BR’s previous article, and I find there is a lack of information regarding the fact that the new appraisal rules arose out of an out of court settlement brokered by NY’s Attorney General Andrew M Cuomo with Fannie and Freddie. The lawsuit centered around an appraisal management company owned by Washington Mutual, and pressure put upon appraisers to bring the appraisal in at the target price. So a question that has not yet been answered, is why did Cuomo agree to an out of court settlement?

    Cuomo’s solution contained the hair of the dog, ie appraisals are now exclusively ordered through appraisal management companies owned by banks. Appraisers have not raised their fees in over 10 years, but all of a sudden the introduction of appraisal management companies have instigated an increased appraisal cost of 20% to 40%, that has to be passed onto the borrower.

    We do need reform of the appraisal process, but could we attempt to get a process that solves the problem, instead of making it worse?

    Rumors are that Cuomo is interested in positioning himself for a political office, and this notoriety is something that he is seeking. So, it seems a safe assumption that all parties on both sides of this issue have a bias to whatever they feel needs to be done.