Refinancing mortgage? Maybe you don’t need that appraisal after all

Editor’s Note:  The Fed is doing everything in its power to maintain the real estate bubble in order to maintain demand- by lowering credit score requirements, offering lower down payments (1 to 3%), and now removing the lender’s responsibility for home valuations.  What could go wrong?

http://www.miamiherald.com/news/business/real-estate-news/article157002859.html

6 Responses

  1. I think this is an attempt by the GSEs to postpone credit defaultswaps paying out. Ther eare no “cash outs” in the program, just refinancing of existing debt. So just as the homoeowner is running out of options and the servicers are counting their soon- to-be realized profits, POOF the debt is refinanced and no payouts on the CDS.

  2. Reblogged this on California freelance paralegal and commented:
    This move by Fannie Mae and Freddie Mac guarantees inflated appraisals and will only make the real estate bubble even larger than it actually is.

  3. US dollar may become unacceptable as a world currency because of foreign hatred and unstable US economy. Emergence of Bitcoin could be another problem to US dollar as it may take the place of world currency.

  4. Technology will eventually render the broker and realty agent obsolete as well.

  5. The appraiser is about the only one that is on the buyer’s side. The appraisers know already that values are too high. Banks want to eliminate appraisers so they can further drive up prices to the unsuspecting buyers. Let the buyers beware. The sharks are lurking and they are the same ones that brought on the last crisis.

  6. OMg r u kidding me hundreds of dollars for appraisal fees. Thats a joke. What about the 1000s of dollars for broker fees , mortgage and realtor. The appraisal is the check for the deal. They make it sound like the appraisal is so cost heavy when in fact it is broker fees and realtor and other miscellaneous closing costs Plus the bank. What a maroon if you believe this fake news.

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