This post is for all the fraudulent appraisers who think they are getting away with accepting ILLEGAL appraisal assignments and satisfying pre-determined value requests.

Click the link for the full case.

SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF NEW YORK:
THE PEOPLE OF THE STATE OF NEW YORK :
by ANDREW M. CUOMO, Attorney General of :
the State of New York,

Tremble with Fear!
http://www.oag.state.ny.us/press/2007/nov/EA%20Complaint.pdf 

81. Similarly, on April 17, 2007, a third appraiser ("Appraiser C") wrote to

eAppraiseIT that:

This is the second Wamu Appraisal quality assurance issue I have

received from Wamu in the past 2 months. Both as a result of an

appraisal I completed that did not come in to their predetermined value

for a "valued" Wamu client. I was pressured for 2 weeks to change

both my value and the conditions of my appraisal report . . . both

of which were violations of USPAP, FANNIE MAE and the

Supplemental Standards I am required to observe and am bound

by my license to complete. Since that time, I have been singled out

by WaMu and have been pressured on every appraisal I have

completed that did not reach a pre-determined value. I feel that Wamu

is in process of "blacklisting" me as an approved Wamu appraiser by

going after each appraisal I complete and looking for violations."

(Emphasis added).

 

"We're in a 37-year high rate of foreclosures in this country, a 10-year low on housing starts. It's a very serious issue," Mr. Dodd said.

He estimated that from 1 to 3 million people are at risk of losing their homes, "not because they lost their jobs, not because the economy collapsed, but because they got bad deals on mortgages."

http://thecaucus.blogs.nytimes.com/2007/08/21/dodd-on-the-mortage-lending-crisis/

I really cant wait to see what inadequate form of regulation, reformation, re-structurization or what kind of straw house is built upon the wreckage of this go-round! I became an appraiser in 2001 and couldn't believe what the market did on this NORTH/WEST side of THE GREAT STATE OF NEVADA! from 2001 to early 2006. My mentors stopped appraising in mid 2006 and I have witnessed the aftermath of the big boom (and its quite interesting). However this cycle plays out only GOD really knows and what I have learned in the past 6+ years is priceless......

The most valuable fact I have learned is "Telling the truth keeps you free"! and can be very depressing.

 

P.S. Does anyone have a guess when the fire will be put out and the smoke will clear?

 

http://www.federalreserve.gov/boarddocs/press/monetary/2007/200708172/default.htm

It will be interesting to see if this stimulates the mortgage market, or if it causes people to wait for an even  lower rate...

 

I find it far from surprising, but it sure is sad how dishonesty by a few people can lead to such turmoil for so many people..

Credit squeeze reaches dramatic stage  

Commentary: Central banks pour in cash, but underlying problem still alive http://www.saposnekappraisal.com/News?ID=64185

U.S. Fed injects another $38 bln into financial market
http://news.xinhuanet.com/english/2007-08/11/content_6511077.htm

Regulator rejects Fannie Mae's plea
http://www.msnbc.msn.com/id/20219658/

UPDATE 2-Countrywide, WaMu fall on heightened mortgage worry
http://today.reuters.com/news/articleinvesting.aspx?type=bondsNews&storyID=2007-08-10T220518Z_01_N10297873_RTRIDST_0_MORTGAGE-LENDERS-UPDATE-2.XML

Central banks act to head off global credit crisis
http://today.reuters.com/news/articlebusiness.aspx?type=ousiv&storyID=2007-08-10T201919Z_01_L10195866_RTRUKOC_0_US-CENTRALBANKS.xml&pageNumber=0&imageid=&cap=&sz=13&WTModLoc=BizArt-C1-ArticlePage4

Subprime fallout draws comparisons to past crises
http://today.reuters.com/news/articlebusiness.aspx?type=ousiv&storyid=2007-08-10T160026Z_01_N08320171_RTRUKOC_0_US-USA-CREDIT.xml&WTmodLoc=BizArt-R2-MostViewedBiz-3&from=business

Those who fail to remember the past are DOOMED to repeat it

 

*New Scientist* arranged for early release of the article "Can you catch
a killer before they commit a crime?" which will appear in the August
11th issue.

Here's the article:

IMAGINE the scene. You arrive at New York's JFK airport, tired after a
long flight, and trudge into line at passport control. As you wait, a
battery of lasers, cameras, eye trackers and microphones begin secretly
compiling a dossier of information about your body.

The computer that is processing the data from these hidden sensors is
not searching for explosives, knives, guns or contraband. Instead, it is
working on a much tougher problem: whether you are thinking about
committing a terrorist act, either imminently, or at sometime during
your stay in the US. If the computer decides that might be your
intention, you will be led off for interview with security officers.

The equipment could also screen passengers as they wait to have their
bags checked before boarding, in an attempt to predict when someone is
planning to bomb or hijack a plane.

It sounds far-fetched, but this is the aim of Project Hostile Intent
(PHI), the latest anti-terrorism idea from the US Department of Homeland
Security. According to DHS spokesman Larry Orluskie, the DHS wants to
develop systems that can analyse behaviour remotely to predict which of
the 400 million people who enter the US every year have 'current or
future hostile intentions'.

PHI aims to identify facial expressions, gait, blood pressure, pulse and
perspiration rates that are characteristic of hostility or the desire to
deceive. Then the idea is to develop "real-time, culturally independent,
non-invasive sensors" and software that can detect those behaviours,
says Orluskie. The DHS's Advanced Research Projects Agency (HSARPA)
suggests that these sensors could include heart rate and breathing
sensors, infrared light, laser, video, audio and eye tracking.

PHI got quietly under way on 9 July, when HSARPA issued a "request for
information" in which it asked security companies and US government labs
to suggest technologies that could be used to achieve the project's
aims. It hopes to test them at a handful of airports, borders and ports
as early as 2010 and to deploy the system at all points of entry to the
US by 2012.

But experts in detecting when someone is deliberately hiding something
and training machines to recognise human emotions, say that the DHS
faces huge challenges, and is unlikely to achieve this goal by 2010, if
ever. "I can't imagine they will have any reasonable rates of success
with such a system," says Kerstin Dautenhahn of the University of
Hertfordshire, UK, who specialises in teaching robots to understand
human intentions. "I have serious doubts that it will be successful,"
adds psychologist Paul Ekman of the University of California, San
Francisco, an expert in detecting hidden emotions and intentions from
human facial expressions.

We already know that people betray their true intentions via involuntary
behaviour. In the 1960s Ekman found that even when people are trying to
hide it they often reveal what they are about to do, by showing
fleeting, involuntary facial expressions known as "micro-expressions".
For example, if for a fraction of a second you bare your teeth, lower
your eyebrows and wrinkle your nose, while pretending to smile, you've
just made the micro-expression for disgust.

Since 2003, the US Transportation Security Administration (TSA) has been
using a program called Screening Passengers through Observation
Techniques, which relies on micro-expressions. Under SPOT, dedicated
"behaviour detection officers", who are trained to observe and decipher
micro-expressions, observe people milling around at airports and
discreetly pull aside anyone whose micro-expressions seem suspicious.
After starting a casual conversation, they might then pass them on for
further questioning, depending on their responses. "We have caught a
number of individuals, from drug dealers to money launderers, and a
double murderer in one case," says TSA spokesman Chris White.

A big problem, however, is that SPOT is an expensive, labour-intensive
process and is not something a customs official or baggage screener can
do in addition to their normal work. "Right now, screeners have
typically less than one minute to examine a traveller's documents and
assess whether they are a threat," says Orluskie. Similarly, the
infamous polygraph or lie detector test, used routinely by intelligence
agencies across the world when grilling suspects - despite its
questionable reliability - is time-consuming and requires an officer's
undivided attention, as suspects must be hooked up to electrodes that
measure blood pressure, sweat and pulse.

Enter PHI. With this latest idea, the DHS is hoping to automate the SPOT
program, so that computers, not humans, search for micro-expressions,
and at the same time beef up the range of bodily signs that can be
investigated. Machines will not just look for micro-expressions, they
will also attempt to sense whether someone is hiding something. For this
they might use a remote-controlled, non-contact version of the
polygraph, bouncing lasers or microwaves off a person's skin, as
suggested by the US Department of Defense in 2006. The DHS wants to use
remote sensors so they don't impede the flow of travellers.

Ekman is sceptical of PHI. How do you identify hostile micro-expressions
in a potential terrorist, when they are likely to be highly complex and
you don't know what they are" "Would they show fear of being caught,
contempt for the likely victims, sadness at the prospect of being
killed, joy at the possibility of soon going to paradise" I don't know.
No one knows," he says.

Another unknown is whether you could detect expressions of hostility
hours or even months before the act, when a would-be terrorist first
enters the US. Ekman is currently observing police in order to train
them to recognise an impending violent act seconds before it occurs, via
micro-expressions, "enough time to take protective action," he says.
"What you are looking for at an airport is a far different context."

Gathering the data to work out what the predictors are will be hard,
says Peter McOwan, a computer scientist at Queen Mary, University of
London, who is developing software and sensors that let computers
respond to our moods. "Most prediction techniques are based on broad
statistical data gathered from a wide range of sources on which the
system is trained," he says. A system then learns what is normal
behaviour, and what is hostile, based on hundreds or thousands of
examples of each.

In the case of terrorists planning a hostile act, it is not clear where
you will find the examples of hostile intent necessary to train the
software.

Dautenhahn also notes that airports are high-stress places with people
who are tired, bored, saying tearful goodbyes or carrying upset
children. So anything that looks for signs of stress such as sweat
detection might flag up innocent people. Ekman agrees. "Are we to stop
and question anyone who shows those emotions"" he asks. Orluskie says
the DHS is prepared to risk failure if there is the slightest chance
that national security can be improved. But McOwan thinks that's
unlikely: "It's just like something from Minority Report. They have been
watching too many Tom Cruise movies."
 

Fed leaves rate steady in U.S.; no sign of future cut

http://www.iht.com/articles/2007/08/08/business/08fed.php

 

 
Foundation News - An Online Publication of The Appraisal Foundation

 08 August 2007


Welcome...
Welcome to the Foundation E-News, an electronic publication of The Appraisal Foundation!
Articles include.... *Boards Vacancies - Deadline Extended until 8/31/07 *Reformatted USPAP for 2008 *Implementation of the 2008 Real Property Criteria *Foundation Publications (scroll down for articles)
DEADLINE EXTENDED Candidates Sought for Boards Vacancies

The Appraisal Foundation is in the midst of its annual search for qualified candidates to serve on one of its three Boards. The deadline for completed applications for vacancies on the Board of Trustees, the Appraiser Qualifications Board (AQB) and the Appraisal Standards Board (ASB) has been extended until August 31, 2007.

* Board of Trustees: There are three At-Large Trustee seats available this year, with two incumbents eligible for re-appointment. The Board of Trustees of The Appraisal Foundation is charged with funding the work of and appointing members to the AQB and ASB, as well as providing oversight of these two Boards. The Board of Trustees meets twice a year, in the Spring and Fall. Trustees are reimbursed for travel expenses and are not compensated for their time. The individuals selected for positions on the Board of Trustees will serve three-year terms commencing January 1, 2008. * Appraisal Standards Board: There are up to three vacancies on the Appraisal Standards Board (ASB), with two incumbents eligible for re-appointment. The ASB is charged with developing, interpreting and amending the Uniform Standards of Professional Appraisal Practice (USPAP). Applicants must have both a familiarity with USPAP and a minimum of ten years of appraisal experience. The ASB meets five times per year for approximately fifteen days. Individuals serving on the ASB are compensated for their time and are reimbursed for travel expenses. The individuals selected for a position on the ASB will serve a term of up to three-years commencing January 1, 2008. * Appraiser Qualifications Board: There are up to four vacancies on the Appraiser Qualifications Board (AQB), with three incumbents eligible for re-appointment. The AQB is responsible for setting minimum qualification criteria for state licensure and certification of real estate appraisers and has established voluntary qualification criteria for personal property appraisers. Applicants must have both a familiarity with appraiser qualifications and a minimum of ten years of appraisal experience. The AQB meets four times per year for approximately ten days. Individuals serving on the AQB are compensated for their time and are reimbursed for travel expenses. The individuals selected for the AQB positions will serve a term of up to three-years commencing January 1, 2008.

 

The Appraisal Foundation is interested in expanding the diversity of all Boards by considering applications from business leaders with an interest in valuation or involved in various appraisal disciplines.

 

Application packages for all positions outlined above are available by clicking here. If you have any questions please contact Anne Raley (http://us.f348.mail.yahoo.com/ym/Compose?To=anne@appraisalfoundation.org). When requesting information on the applications via e-mail, please use the phrase "2007 BOARDS APPLICATION INFORMATION" in the subject line, and please include your full name, mailing address and phone number.

 

TAF To Issue Reformatted USPAP Standards and Guidance in One Document

 

The Appraisal Foundation, a congressionally-authorized nonprofit organization that fosters professionalism among appraisers by setting qualifications and standards, announced the upcoming release of the latest edition of Uniform Standards of Professional Appraisal Practice (USPAP), which will be effective for two years, from January 1, 2008 to December 31, 2009.

 

The new two-year cycle will stabilize the standards for the benefit of appraisers, the users of appraisal services and professionals who enforce the standards while enabling all parties to become even more familiar with USPAP.

 

"We listened to the feedback we received from our many constituencies and made the decision to transition from an annual publication to a 24-month cycle," said Gregory J. Accetta, chairman of the Appraisal Standards Board (ASB), the Foundation Board, which promulgates USPAP. "Over the past two decades, USPAP has become a more stable document. This allows us to make a change to the publication schedule, which we believe will be well-received by appraisers, users of appraisal services and appraiser regulators."

 

In addition, the new edition of USPAP will include guidance from the ASB in the form of the USPAP Advisory Opinions and the USPAP Frequently Asked Questions (FAQs), which had previously been published separately. Combining USPAP and ASB guidance in one publication gives appraisers better access to information and answers all in one spiral-bound, easy-to-use volume, which will include a master index for the first time. The new publication will be offered at a cost of $50.

 

"Having all of the USPAP-related information at your fingertips should be a time savings for everyone," Accetta added. "The Appraisal Standards Board continuously strives to improve

USPAP and its related guidance to provide a useful publication that informs appraisers and the users of appraisal services of the requirements for ethical and competent appraisal practice."

 


 

Resources Available to Assist in Understanding the New AQB Criteria In order to ensure that the changes to the AQB Real Property Appraiser Qualifications Criteria, effective 1/1/08, are understood by all impacted parties, the Foundation has produced a three-hour video production that can be viewed at the Foundation web site: http://stats.chennells.com/sendlink.asp?HitID=1186582900000&StID=933&SID=0&EmID=29346311&Link=http%3A%2F%2Fwww.appraisalfoundation.org%2Fcriteriavideo The material is arranged in a modular format allowing viewers to choose from 19 various topics. Any additional questions regarding the AQB Criteria can be directed to Magdalene Vasquez, AQB Administrator, http://us.f348.mail.yahoo.com/ym/Compose?To=magdalene@appraisalfoundation.org.
Foundation Publications Watch our Web Site for Specials on 2008 Publications! The Appraisal Foundation is working on its new 2008 Publications Catalog! In the coming weeks, please visit the Foundation Store on the Foundation's web site to preview our 2008 selections. Under development for next year is a new USPAP Monthly Q&A Electronic Subscription Service. In addition, we will feature a re-designed USPAP that will incorporate guidance material including Advisory Opinions and FAQs!
 

Implementation of the 2008 Real Property Appraiser Qualification Criteria 

Here comes some very significant changes to the Real Property Appraiser Qualification Criteria. It has been extremely hard to become an appraiser in the past, and now it will be even harder. Any time someone asks me what it takes to become an appraiser I tell them "I would not wish it on even my worst enemy" (not that I have any enemies that I am aware of) but if I did, "I would not wish it on even my worst enemy"! GOD help every intern, and I prey that GOD gives serious wisdom to anyone considering getting into the field.

http://www.appraisalfoundation.org/s_appraisal/sec_video.asp?CID=324&DID=1000

 

 

 

"Cinco de Mayo Fireballs"

· 1 (12-ounce) package semi-sweet chocolate chips

· 1/4 cup butter or margarine

· 1/2 cup walnuts, toasted and finely chopped

· 2 tablespoons dark rum

· 1 1/2 teaspoons TABASCO® brand Pepper Sauce

• 1/3 cup sugar

 


Melt chocolate and butter in a small saucepan over low heat. Stir in walnuts, rum and TABASCO® brand Pepper Sauce and mix well. Refrigerate mixture about 15 minutes. Shape into 1-inch balls, then roll in sugar to coat. Store in refrigerator.


Makes about 3 dozen.




From SAPOSNEK APPRAISAL SERVICES


Wishing you and your family a joyous Cinco de Mayo celebration!

http://www.saposnekappraisal.com/Ph. (775) 828-7394

 

 

 

Appraisers are the auditors of the real estate transaction


At Saposnek Appraisal Services, we're not number-hitters.  That's why our clients seek, appreciate and trust our services.  We have a reputation for being HONEST, ACCURATE, HIGHLY PROFESSIONAL, INDEPENDENT and dedicated to a high standard of ethical appraisal practices.

That's really the role of any appraiser in the mortgage market: We're like auditors are for publicly traded companies.  During the recent mortgage and housing market deflation, many of our competitors have fallen into the trap of doing whatever it takes to "hit the number."  This destroys the credibility of all parties involved in a real estate transaction.  It can also create problems including, loss of sale (due to unethical appraisal practice), extended closing dates and heightened anxiety for all parties involved. Not to mention having a significant negative impact on the reputation of the trusted professionals involved in the transaction.

At Saposnek Appraisal Services, we're here to provide you with the Highest Level of Reliable Real Estate Valuation Services in every transaction we procure.  We can't provide a more important service to any of our clients than to sometimes arrive at a value conclusion that indicates a lower value than assumed.

Confidence - your confidence in us, your clients' confidence in you, the country's confidence in its economy - that's what the appraisal profession brings to the mortgage process.  This is what we bring every time you engage our services. 

We want to thank you for the opportunity to serve you and look forward to developing long term business relationships.

Jeremy M. Saposnek
SAPOSNEK APPRAISAL SERVICES


 
 
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JEREMY M. SAPOSNEK

Reno, NV

More about me…

SAPOSNEK APPRAISAL SERVICES CERTIFIED RESIDENTIAL

Office Phone: (775) 828-7394

Cell Phone: (775) 828-7394

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