Editors Note: If anything shows the extent of appraisal fraud, it is the sheer number of homes that are under water. These figures while high, report only a fraction of the actual number of homes because of the way they are computed. If you take the asking price, reduce it by at least 4% (which […]

Tags: appraisal fraud, Bloomberg, Brian Louis, broker, Celia Chen, commission, Edge Simonton, fair market value, foreclosure, HERS, house arrest, Moody’s Economy.com, RealtyTrac Inc, selling expenses, strategic defaults, under water, Zillow.com
Posted in bubble, Corruption, Eviction, expert witness, foreclosure mill, Modification, securities fraud, Servicer |

New research suggests that when a home’s value falls below 75 percent of the amount owed on the mortgage, the owner starts to think hard about walking away, even if he or she has the money to keep paying. See the whole article in New York Times. Extensive discussion of the issue. It’s beginning to […]

Tags: David Streitfeld, house arrest, jingle mail, New York Times, principal reduction, strategic defaults, walking away
Posted in bubble, Corruption, Eviction, securities fraud |