Grouper

Cramdowns and Refinancings Won't Need Appraisals

Follow the money. The appraisers are POd because a bunch of transactions can be done without meaningless appraisals, which means a bunch of money doesn't get spent on appraisals, which means they make less money.

During the 80s, we referred to FIRREA as the full employment act for appraisers. Millions of dollars were spent getting appraisers to tell us what we already knew.