http://crosslandteam.com/blog/2007/10/08/new-california-law-bans-appraisal-commissions/ Austin Real Estate Blog Sat, 31 Jul 2010 01:04:35 +0000 hourly 1 http://wordpress.org/?v=3.0 http://crosslandteam.com/blog/2007/10/08/new-california-law-bans-appraisal-commissions/comment-page-1/#comment-979 scott Mon, 08 Oct 2007 23:23:28 +0000 http://ben.crosslandteam.com/blog/2007/10/08/new-california-law-bans-appraisal-commissions/#comment-979 Actually, that state bank loophole per federal guidelines explains much, if not all, of the craziness per subprime silliness. It appears that California is at the forefront of things, as usual, in mandating federal guidelines for loans. I can assure you they won't be the last, either. After the dust of the subprime meltdown has cleared, expect a drastically changed picture nationwide per lending. Yes, real estate itself is local, but something as integral as the banking system, whether state or interstate, should indeed be held to federal standards, particularly if they expect to be bailed out by the FDIC. If not, we will return to the run-ins on banks of the 30's, when they not only weren't regulated, but weren't backed at all by the fed. I think we should regulate appraisers, per the article, as well as mortgage brokers, to something resembling a federal standard. This isn't the wild west, after all. If they want to continue lending like they have, let it be on their own dime. Actually, that state bank loophole per federal guidelines explains much, if not all, of the craziness per subprime silliness.
It appears that California is at the forefront of things, as usual, in mandating federal guidelines for loans. I can assure
you they won’t be the last, either. After the dust of the subprime meltdown has cleared, expect a drastically changed
picture nationwide per lending. Yes, real estate itself is local, but something as integral as the banking system, whether
state or interstate, should indeed be held to federal standards, particularly if they expect to be bailed out by the FDIC.
If not, we will return to the run-ins on banks of the 30′s, when they not only weren’t regulated, but weren’t backed at all by the fed. I think we should regulate appraisers, per the article, as well as mortgage brokers, to something resembling
a federal standard. This isn’t the wild west, after all. If they want to continue lending like they have, let it be on their
own dime.

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