ADR BLOG

A Tale of Two Cities - Featuring Andrew Coumo

June 14th, 2009 11:30 AM by Andrew Walter May

Andrew Coumo purportedly created the Appraisal Management Company. Thanks Andrew! We appreciate you adding another layer to the mortgage business, and significantly raising consumer closing costs! This isn't New York ya know!

We have been tracking how the added cost with which the Appraisal Management Company system impairs North Carolinians. So far, it is costing approximately $500 more (rate lock extentions and blown deals) per person. And 80% of North Carolinians are infected by this New Yorker's infective problem.

What can you do about it if you are purchasing or refinancing your home? Well, nothing. You've got to go through the nightmare that Andrew Coumo purportedly brought you. However, you can write your Congressman, Senator, and or Washingtonian insider and complain about the treatment of the American public by these new changes. By the way, we are 100% TARP-FREE! We take no government assistance. We don't pay ourselves $1 million a day (like so many bankers).

 

Posted in:General
Posted by Andrew Walter May on June 14th, 2009 11:30 AM


Andy, thanks for the update on how HVCC is affecting consumers and loan originators. What has been your experience with appraisal quality? I have heard that in some cases AMCs are pressuring appraisers to turn around valuations far more quickly than possible to do a thorough job. Craig
Posted by Craig Focardi on June 16th, 2009 4:13 PM
www.towergroup.com


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