They say a word to wise is sufficient – let’s hope so.
Of all the stories in the premier issue of Working RE, appraisers were most passionate in their response to 2006: Cleaning Up the Lending Mess. The story, written by long-time appraiser Stewart Heller, is set in the future but based on his very real experience in previous boom/bust lending cycles and the role (or lack there of) appraisers have played.
A few of the comments Working RE received are reprinted below. Not one of the two dozen or so responses we received about this story disagreed with Mr. Heller’s premise that today’s relaxed lending practices are dangerous and getting worse.