Comment on Financial Reform Implementation
August 17, 2010
I was over joyed to hear that I was finally going to get paid a "reasonable & customary" fee for my professional appraisal services. Maybe now I will not have to work 60 hours a week to get the same income I was making before "reform" took place.
My hopes were dashed when I read that financial institutions have the ability to sue over this and hold this up in court for years. When is it going to end?
Appraisers have been taking it in the shorts for years now thanks to AMC's. We have no choice but to accept their ridiculously low fees or they will find someone else who will. We are desperate for income so we do not have a choice no matter what anyone else says about free enterprise. We were put in this situation by government regulation which in and of itself precludes "free enterprise". Therefore we should be protected by these same "reforms".
Please do not let this languish in court for years. My family's welfare depends on it. I have 2 children in college who have had to severely downgrade their education expectations. My husband and I make just enough money to not qualify for financial aid, which should be means tested for where you live (cost of living is higher in CA).Thanks for your time and efforts on our behalf.