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Hey Steve,
You are right I failed to highlight the problem caused by unethical appraisers who really are too tied up in the deal to do the right thing.  Appraisers work for who ever hires them and those working on the sell side can wreak havoc.  People were expecting these massive appreciations annually and appraisers who didn't deliver weren't going to be working.  The ethical ones have a solid backing and will just do the right thing but it's hard to be right when everyone else is getting paid.  A fairly large issue that I haven't heard anyone talk about is the appraisers who have been going around and appraising homes for equity requirements to drop PMI.  So home many homes are now not properly covered for the banks over the work of certain appraisers?  What happens if we go into recession and prime borrowers start getting stretched but now the homes have no equity and the bank starts getting some of those back.  The number of homes that have been given 20% equity strictly by appraisal over the last 24 months would be an interesting number that I'd like to see.  Thanks again for the feedback.
-Chris
Oh TMiller... It would appear that Tradestocky is being off-topic or at least inappropriate... TMiller anyone anyone... TMiller
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