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 Appraisals Part of All Fraud Loans
07-06-2006
A faulty or even fake appraisal is said to be at the basis of every fraudulent mortgage transaction. But not every appraiser is at fault, or at least willingly so.
James Blaydes of Blaydes & Associates, a Peru, Ill., appraisal firm says that in many cases, appraisers can't stand up to pressure put on them by mortgage brokers. Either they "hit the numbers" as instructed, he said at the Mortgage Bankers Association's National Fraud Issues Conference in Chicago recently, or they are blackballed.
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