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Authorities Cannot Shut Down 'Fake Appraiser Operations' in Chicago


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2006 Jun 8, 4:17am   12,072 views  229 comments

by HARM   ➕follow (0)   💰tip   ignore  

Chicago appraisers

We've discussed garden variety "hit the numbers" appraisal (and mortgage) fraud here in numerous threads. I'm also well aware that appraisers didn't CAUSE the bubble, nor are they even on the top 10 list of bubble causes --see "Housing Bubble Pre-Flight Checklist" thread. Even so, this article (thanks to Ben Jones for first posting it) has to take the cake for most egregious, "in your face" fraud I've seen to date.

Apparently, you don't need to have appraiser credentials of any kind in Illinois, nor can you even be prosecuted for practising without a license or committing fraud. Wow.

Appraisals Part of All Fraud Loans
by Lew Sichelman

"...Emblematic of the scope of the mortgage fraud problem throughout the country is what's going on in Illinois, where three out of ten appraisals are found to be forged, according to Robert Gorman, an East Hazel Crest, Ill., appraiser. "That's a significant number," he told the meeting. "And that's only the ones we know of. Who knows what we don't know?"

Gorman said in some cases, appraisers who have had their licenses lifted continue to make valuations using someone else's identification. They swipe the names from class rosters, loan files, and even industry websites, he said.

In other instances, he also said, the "appraisers" were never licensed at all, and are part of a larger scheme to fleece lenders.

Gorman told of one crew of 13 fake appraisers who are working out of a factory on Chicago's South side. The authorities would like to shut down this appraisal factory, he said, but they can't. "They're not licensed, so there's nothing we can do," he said. "So they are still there."

Discuss, enjoy...
HARM

#housing

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150   Different Sean   2006 Jun 11, 4:32am  

this invention looks quite cool - a very light magnesium alloy engine -
http://www.solve.csiro.au/1104/article1.htm

151   Different Sean   2006 Jun 11, 4:34am  

and an ultra lightweight car from the University of Queensland -
http://www.uq.edu.au/news/index.html?article=6948

curse the 1 link limit

152   Different Sean   2006 Jun 11, 4:38am  

The feng shui works differently in Oz? How so?

not sure, but trust me, there are very many authentic feng shui experts living here now...

sun is always to the north, so changes the orientation of houses.
and many northern star constellations are not visible, etc.
sounds like ethno-geo-centrism to me...

153   Different Sean   2006 Jun 11, 5:29am  

i think simple physics would tell us we have to eventually run out of something we are combusting.

tar sand mining is a little tricky, and very environmentally destructive.

hummers are silly. what do they weigh? are they a suitable suburban getabout vehicle? they are just trying to meet someone's esteem needs in a society where that sort of quasi-military vehicle is admired for all the wrong reasons. the irony of fuelling them up in civilian life and simultaneously using them to invade oil-rich middle eastern countries should not be lost. there are 2 of them here in the whole country, both owned by drug dealers.

154   Different Sean   2006 Jun 11, 5:40am  

i'm not terrifically anti-nuclear, although it's not very clean. the sun is still our only fusion reactor, of course. the world has huge reserves of coal still, and there are many coal-fired power stations. hydro is reasonably good.

One thing lawmakers could try to do to make this stuff come to fruition it to research why these things, including the awesome magnesium engine you showed me, are not coming to market, identify if it is because of “milking” (coming out with technology incrementally to ensure obsolescence) or oil mafia influence (oil Mafiosi like Exxon buying patents and shelving them), and if the feasibility study says “go!,” then force the carmakers to make the stuff.

Also, I believe that intellectual property that isn’t implemented, like the ceramic engine, should be sizeable if it is shelved. I am under the impression Exxon or some other ass company like that bought the ceramic engine patent and shelved it. This should be punished with prison time.

the irony is that it's only going to be less apathetic public involvement in politics, and greener types who will research and argue for this and raise public awareness... maybe even matt gonzalez... do you think big business and the republicans will jail their own? or at least force the development and use of new technologies... altho GM and Ford etc are looking at the magnesium engine -- and they increasingly realise they need to operate and exist into the future too...

155   Different Sean   2006 Jun 11, 5:45am  

John Haverty Says:
the kero will run out, sooner or later…
Never. Peak oil and doom wont get people to stop burning. Tar sands first, then using fusion to get massive amounts of energy to create kerosone out of “stuff”

hmm, hope that's being wry, that's probably what they were saying on easter island shortly before they starved and turned to cannibalism...

http://www.primitivism.com/easter-island.htm

156   FormerAptBroker   2006 Jun 11, 6:05am  

I just got back from West Marin and happened to see the front page of the Marin paper while I was over there.

The headline was “A puzzling legacy” Why do more than half the kids from the South Marin public schools drop out before graduation and have the lowest test schools in the county?

I thought to myself “It’s not puzzling, stupid kids with stupid parents will always have high drop out rates and low test scores”…

Maybe we need to spend more money since we are “only” spending $22,232 per student and the “average” teacher “only” makes $70,981 per year (about the same amount per hour as someone making one HaHa in the private sector)…

See the link below I’m not making these numbers up:
http://www.marinij.com/ci_3925333

P.S. The schools in South Marin are so bad that a friend and his wife sold their nice big view home in Sausalito (with low property taxes) for $1mm a couple years ago and bought a crappy little home in Belvedere (for $1.2mm) since the bigger mortgage and higher taxes was still cheaper than staying in Sausalito paying for private school for their three kids…

157   Different Sean   2006 Jun 11, 6:11am  

Mentioning the republicans without chastizing the democrats is showing a bias that doesnt belong in scientific arguments.

oh, i don't know about that... let's scientifically analyse the KNOWN corruption by common report... e.g. relative numbers exposed by the jack abramoff affair, and links to big business... altho the US case is unusual in that both parties are business-oriented...

This has to do with corruption and money.

that has a lot to do with left and right... altho the 2 parties are right and further right - and bill clinton made a great republican president...

158   Different Sean   2006 Jun 11, 6:19am  

Also, I recall humanity existing before fossil fuels.

yes, with low populations, and lower standards of living, and only burning wood and coal and animal dung. there might still be some cannibalism and die-back...

The availability of wood was a boolean on Easter Island. One day it was all gone. ON|OFF. Oil’s peak production will trail off but wont just suddenly run out.

it will run out once it's all been burnt. not sure about boolean on easter island -- i think they had a steadily diminishing resources also. forward planning would have meant they had a SUSTAINABLE REPLANTING PROGRAM, not that they had to use the whole resource for silly ends anyhow, just as we do with NASCAR and monster trucks...

Alarmism is not going to get people motivated for change.

i think it might. they should show 'Mad Max' and 'Water World' reruns on television day and night, all channels...

159   Different Sean   2006 Jun 11, 6:24am  

This was a war by ideologues (a trait you seem to show at times) about ideological gunk.

yeah, right. i'm as stupid as a washington neocon now. thanks.

and believing that 'market demand' dictates all is not an ideological mantra? come on.

160   Different Sean   2006 Jun 11, 6:26am  

not sure whether people confuse 'ideological' with 'idealistic' on here. that would explain something else someone said...

161   Different Sean   2006 Jun 11, 6:34am  

and believing that ‘market demand’ dictates all is not an ideological mantra? come on.

It doesnt? Pray tell!

there, you see, you should have done social sciences as well as newtonian calculus. markets are an abstraction, and that argument is a 'discourse' or 'grand metanarrative' - leave you to research the rest...

162   Different Sean   2006 Jun 11, 6:48am  

focus, man, focus...

Mad Max is an Australian apocalyptic science fiction film starring Mel Gibson. The film is set in a dystopian near-future Australia. The beginning of the film only hints that the story takes place "a few years from now" but it is obviously set in a society that is suffering from a prolonged fuel shortage which has resulted in a breakdown of civil order. (The sequel, Mad Max 2: The Road Warrior, opens with a far more elaborate presentation of a back story describing a global disaster involving conflict over oil.)

i don't remember the scantily clad women at all :(

163   Peter P   2006 Jun 11, 7:39am  

The feng shui works differently in Oz? How so?

One example: southern exposure has similar effect as northern exposure in Oz. Some directions are flipped.

164   Peter P   2006 Jun 11, 7:40am  

I am going to visit this property today

Sterling Square
By Taylor Woodrow Homes
10555 South De Anza Blvd. Ste. 115b
Cupertino Ca. 95014

Too expensive for a 1 HaHa salary.

165   OO   2006 Jun 11, 7:42am  

surfer-x

don't know if you have been the San Jose lately, but a blanket brand name doesn't mean anything, because the local know the difference. The crime rate is different, the street feel, geography, median income of the neighborhood, school performance all vary significantly. It is ok that you don't know where Almaden or Santa Teresa is, because those who do get the good deals.

Generally speaking, in the South Bay, you would always want to be on the south side of 85, I call that the *right* side of the valley, the only desirable neighborhood that violates this rule is Los Altos, and I can tell you if you know the neighborhoods well, Los Altos to the north of 85 lives and feels very much like Mountain View, and therefore less desirable than foothill side of Cupertino, which is in fact reflected in housing price. And that's why Los Altos Hills is way better than Los Altos. The same thing applies to Saratoga, part of Saratoga north of 85 feels exactly like central San Jose, one can hardly tell the difference, that's why there is a very significant pricing difference between the *right* part of Saratoga and the part that just bears the brand name. If you are living in a place 24x7, you don't care about the brand name, you care about what the reality is. I would rather live in foothill Almaden than north Los Altos any time.

Almaden refers to this area bordering Los Gatos to the left, south of 85, bordered by Santa Teresa Blvd to the right. It feels like Los Gatos, and has the third best high school in South Bay after Gunn High and Monta Vista.

If you go down Almaden Expressway to McKean Road near Calero Reservoir in South San Jose, there are still lots of rural rolling hills dotted with vineyards, where minimum size of lot is 1 acre plus, and you can find increasing number of multi-acre custom estates. The area to the north of McKean are almost entirely gated communities with homes sitting on average 5-acre plus lots.

166   OO   2006 Jun 11, 7:55am  

There is no pretence in going after a nice part of San Jose. Foothill Almaden homes are more expensive than comparables in the part of Saratoga north of 85, or the part of Los Gatos in the Campbell school district. If one is vane, one should most definitely buy the cheapest home in Saratoga just because the "address" is right, although all the locals know exactly what he is thinking.

Bay Area has been studied to death by lots of smart home buyers, if you look at the pricing difference of different pockets, it pretty much reflects the fundamentals rather than just superficial variance in brand name.

167   OO   2006 Jun 11, 8:02am  

Michael,

the keyword is "western foothill". As long as you are anywhere along western foothill down the valley, you do fine.

168   surfer-x   2006 Jun 11, 8:28am  

Holiday, check this fool out

tinyurl.com/qwkoo

My favorite lines, My only problem is, I have no idea what people can afford. I know what my mortgage is and I already tried posting this house with a rent of $500 less than my mortgage. But still after 3 weeks, lots of emails and no one requesting to see the home and the ever classic flipper line New home built December 2005 for rent and/or lease purchase. Home can not be sold until January 2007! and the coupdegrace, It was actually my dream home so I upgraded it to the max, then I happened to find the home I really wanted. SO here I sit, with two homes..

Suck it long suck it hard you fucking greedy fuck.

169   surfer-x   2006 Jun 11, 8:33am  

and my email to the flipper,

You really should consider going into comedy rather than house flipping. I was just in Phoenix and after reading the papers all i have to say my friend is get ready to eat a big shit sandwich.

Some of my favorite lines from you ad include,

"So I have this big huge house, and I would love to see it go to a family who needs all this space"

Wow, so you are a family guy concerned with families?

And then

"New home built December 2005 for rent and/or lease purchase. Home can not be sold until January 2007! "

Ok, so you want a "family" to move in and suppliment your flipping until you can sell and presumably cash out after two years to get your tax free money? Good fucking luck, read the newspapers lately? All builders in Az are offering major incentives. The blood bath is just beginning. Let me guess you cashed out in California and are now trying your luck flipping in Az?

All I have to say is become fluent in the term "short sale"

170   surfer-x   2006 Jun 11, 8:36am  

Almaden refers to this area bordering Los Gatos to the left, south of 85, bordered by Santa Teresa Blvd to the right. It feels like Los Gatos, and has the third best high school in South Bay after Gunn High and Monta Vista.

San Hosebag is San hosebag is San Hosebag, there is no "almaden" it's San fucking hosebag. Try as you might to dress up that pig, but you'll only end up with a pig in a dress. ahhhh the pretense. How much you wanna bet fucks in Almaden never tell anyone they actually live in San Fucking hosebag. San Hosebag could only benefit from an above ground nuclear burst, that might help.

171   Peter P   2006 Jun 11, 8:37am  

Check out this line:

please email me what you can afford

The problem is that I like to play half of what I can afford.

172   surfer-x   2006 Jun 11, 8:38am  

Peter P, i just got back from Phoenix and it's a fucking bloodbath there already, and there is a shitload of housing in the pipe. The local newspaper had this on the front page "unrealistic sellers clog market"

Let the street turn red with flipper blood.

173   surfer-x   2006 Jun 11, 8:39am  

OO, "Almaden" is similiar to "Austin" unless Ben loans you his helicopter, you step out of "almaden" and you are in a shithole, just like "austin" you step out side and you are in Texas.

174   surfer-x   2006 Jun 11, 9:01am  

Overheard last night at "Trendies" the latest hotspot in San Hosebag,

So Jared I hear you and Katlin sold your house in San Hosebag (Santa Teresa).

"Yeah, we really liked it, the area had great schools but we made a killing"

Did you buy another house yet?

"We found a great place in Almaden, great schools, plus 25% is already in the bag"

wow that's great, where is Almaden exactly.

uncomforable silence, cough cough fist over mouth....in a low voice.....san hosebag.

175   surfer-x   2006 Jun 11, 9:29am  

LILLL, well if not you're in for a real treat. Starting from the Coyote Valley, you'll notice a distinct "fuck you + tension" in the driving. after your 678th bag of garbage on the side of the road you have arrived in downtown san hosebag, "capital of silicon valley". San Hosebag has many great magnet schools. One offers functional metal working for gangbangers, another offers gun smithing, and still another offers day care for all the pregant teens. It has something for everyone. Plus they have an excellent light rail that goes absolutely no fucking where. It's a marvel of a modern metropolis. I'm thinking of buying a stucco shitbox for 1.3mil in "santa teresa". I hear 25% is already in the bag, plus they have great schools, which is important considering I'm going to sell in 2 years.

176   Michael Holliday   2006 Jun 11, 9:30am  

Surfer-X:

Good post.

Did you read my post about Phoenix? I want to spare you any illusions about Phoenix. There's good and bad. The heat is real bad. Etc. Read my post.

The Phoenix housing bloodbath is starting...

The king is dead, long live the king...

177   Peter P   2006 Jun 11, 9:31am  

Peter P, i just got back from Phoenix and it’s a fucking bloodbath there already, and there is a shitload of housing in the pipe. The local newspaper had this on the front page “unrealistic sellers clog market”

I know. It is getting bad just outside google's orb of influence. :)

178   surfer-x   2006 Jun 11, 9:33am  

M. Holiday, could one endure say 3 years in the tempe/mesa area at a start up considering a possible pot of gold at the end of the rainbow? what are the areas to avoid? Are there sufficient trendy bars and/or eating establishments? And the 10million dollar question, is there any decent sushi?

179   Michael Holliday   2006 Jun 11, 9:35am  

One thing about Phoenix, outside of Monsoon season (late June to late August)...This place is the BBQ capital of the friggen' world.

Every day is a great day to BBQ (since it's always sunny & there isn't anything else to do).

I trimmed the Mesquite tree the other day and put the branches out on the side of the house to dry in the sun. I'm going to throw them on the grill and get that nice Mesquite flavor going for the steaks...

180   surfer-x   2006 Jun 11, 9:36am  

M. Holiday, there is a trader joes in Tempe, which is key, are there any decent upscale markets? I mean if I am going to go there I need access to at least 45 kinds of cheese :)

181   Michael Holliday   2006 Jun 11, 9:44am  

I'm not a big Sushi fan, but there's hell of restaurants in Scottsdale and some in downtown Phoenix and Tempe and especially Scottsdale.

Three years for the money? Definitely. But you're going to be hating life without the proper attitude about this place. You may have a honeymoon perior or you may not. Some people think this place is the arm pit of the world others love it. Scottsdale's pretty nice.

All in all, the desert beauty is nicer than Vegas, which looks like the moon.
You've got to decide for yourself.

If you want me to mail you any local publications, shoot me an e-mail: radioholliday@yahoo.com.

Here's a link to a local "Metro" type weekly called The New Times:
It's got a review of a Sushi restaurant.

I will say, near my house are a bunch of good chain restaurants like Black Angus, Carrabbas Italian, and others. Yeah, the restaurants kick San Jose's ass.

Click this link and scroll down till you see what I posted below for a Sushi review: http://www.phoenixnewtimes.com/

From the New Times:

Recently Reviewed
Circa 1900
Line Thai
Sushi Eye Bar & Grill
Sol y Sombra
Rosita's Place

182   surfer-x   2006 Jun 11, 9:46am  

M. Holiday, tanks! Tempe seemed ok, decent small downtown, college vibe, sluttly girls, which it important when picking a bar to swill gin with Mrs-X.

183   Michael Holliday   2006 Jun 11, 9:47am  

The popular place in Tempe is Mill Ave. near the Arizona State.

It's been a while since I've been there, but there's clubs/restaurants, etc.

184   Michael Holliday   2006 Jun 11, 9:50am  

There are decent upscale markets/grocery stores.

The upscale market in Phoenix is called AJ's Fine Foods. Great, pricey grocery store. Smaller than Albertson's but good, fresh stuff. They put them near pricier neighborhoods.

Click this link: http://ajsfinefoods.com/

185   surfer-x   2006 Jun 11, 9:51am  

LILLL, dopers were friends of acquaintance who owns boat, me no likey dopers. Got the ocean angle figured out, 1hr plane ride to san diegho. Friends couch, surfboards in stock and bike ride to beach.

Thinking might as well ride out the impending shitstorm in lower expence local.

186   Michael Holliday   2006 Jun 11, 9:59am  

I think the final analysis is this:

For surfer-x, could be three years in purgatory. 1-2 years might be doable, but you'd be like a fish out of water.

You must keep busy and keep the spirit of adventure and check out the whole state. There are cool old towns like Jerome up north (where Maynard from Tool lives), and Bisbee down south.

Then there's Flagstaff for skiing and mountains, then there's the Grand Canyon.

Dude, this place is the wild fricken west. You can walk around town with a holster and a gun, just as long as it's visible. Some stores will have you check your gun at the door. Thing is, since everyone can carry a gun, no one does! Haven't seen a gun strapped on in over a year.

In California, you'd be surrounded by the cops and shaken down and put in jail.

187   Michael Holliday   2006 Jun 11, 10:20am  

Last word on Phoenix, since I'm doing a BBQ right now:

Phoenix is the 5th largest city in the U.S. As a top-10 metro area, it's got a lot of restaurants.

'Nuff said...

188   Peter P   2006 Jun 11, 10:32am  

Just visited the property, corner lot, 1350 sq ft, 3bed/2bath ==> 750K

So they just dropped from 914K to 750K and below !!

You must be kidding. I do not believe that.

But if that is true... let's have a beer! :)

189   Peter P   2006 Jun 11, 10:53am  

LOTUS = 1350 sq ft, 3 bed, 2 bath, corner, 3rd floor

3rd floor? Is it a condo?

I think you visited Villagio instead.

http://www.silverstonecommunities.com/californianorth/villagio_plans.html

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