Appraisers Forced Into Cheating Home Owners

Over 8,000 appraisers sign petition to force Congress to intervene in what they say is a case of widespread fraud.

1 minute read

June 9, 2005, 1:00 PM PDT

By Brenda Meyer

"...[A]s the Appraisal Institute recently testified to Congress, appraisers are under increasing pressure from lenders, mortgage bankers and real estate agents to "hit their number" when appraising property.

Rather than come up with an independent estimate of a home's value, appraisers -- who are typically independent contractors -- say they are being told to base their estimate on a predetermined value."

Thanks to Brenda Meyer

FULL STORY: Appraisal fraud: your home at risk

Tuesday, June 7, 2005 in Money

Government / Politics United States

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