Article: Home Equity Loans ? Beware Of Appraisal Fraud
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Home Equity Loans ? Beware Of Appraisal Fraud
A new report by the independent Demos group has revealed what may not be a surprise to many people ? corruption is rampant in the home appraisal industry. The bust in the dot-com market of some five years ago has left would-be lenders with a surplus of cash to lend. This has led to a huge boom in both mortgage and home equity loan lending. That?s not a bad thing; a record 69% of Americans now own their own homes. Owning a home is easier than ever; in 2004 the average down payment was a record low of only three percent.
So if everyone is buying a home, and loans are easier to obtain than ever, what is the problem? The problem is that nearly 55% of the appraisers polled in the survey said that they had been pressured by lenders to deliver appraisals that met a ?target? value. ...
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