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Comment on Financial Reform Implementation


August 19, 2010

I have been an appraiser since 1971 (39 years). Never in my experience has there been a more devastating act applied to the appraiser than the HVCC. This non-voted on act by Attorney General Cuomo wiped out 35% of my income instantly, in May 2009. Since that time, my long time association with local mortgage people was erased. Fortunately, I had a local bank providing work, that was not affected, but so many other appraisers were devastated and put out of the profession. What a disgrace for this fine country. Thousands of small business' gone.

The implementation of the AMC is another travesty. An unnecessary middle-man that gouges appraiser fees is not conducive to satisfied workers. The public did not need protection from appraisers, as congress seems to think. Appraisers need protection from bottom-feeding AMCs.

I'm happy that we have a forum to explain the need to put business back to normal. This means, honest and hard working appraisers providing market-value appraisals. Appraisers did not create no-no loans, we did not create loan scoring, and we do not fudge values in order to get the next job from a mortgage person. Under the correct system there is plenty of work, that we can pick and choose an honest mortgage person that doesn't grind the value.

Respectfully submitted,
Wayne D. Shaul, MAI




Last Updated 9/14/2010 FinReformComments@fdic.gov