Is AMC Tax Evasion Another Consequence of HVCC?
One has to wonder how our country dove headfirst into the HVCC method of operation with what appears to be no foresight as to the outcome.
Below is a quick read of another potential consequence of HVCC.
Damage to the borrower with higher fees, appraisers who've lost businesses, failed tranactions due to unqualified appraisers, higher interest rates due to longer lead tmes, borrowers paying for multiple appraisals, damage to housing recovery, loss of experienced appraisers. We continue to struggle with these issues with no end in sight and now are AMC's skipping paying taxes?
This article makes one question how something that was supposed to be the cure for appraisal problems continues to be the problem. And, then, I think, well, HVCC was implemented with no foresight for the consequences. It is very clear to me assigning the authority to a third party to engage appraisers from thousands of miles away would be challenging. Why was this not considered before HVCC was instituted?
When we are anxiously awaiting the recovery of housing, appraisals continue to dog it. The results are more than adequate to show HVCC is a complete and utter failure.
Now, we can only hope the AMC's are not avoiding state taxes that are due when states already are struggling with less revenue.