At 1:39 on the video he says they "sold them unknowingly"… I don’t get it, who didn’t know? The banks didn’t know they were blackballing honest appraisers and taking advantage of the HUGE Grand Canyon loophole that was and is the AMC LOOPHOLE?
Who is in charge of valuation – the market, free market? I demand we see some accountability on the dumbing down of the appraisal industry and AMC’s pimping out the valuation assignment to the lowest bidder. They have sold out this country the likes of which I’ve never seen before.
But like a bank that leaves the vault door wide open, lenders are ’surprised’ that property values were over/hyper-inflated and property conditions were misrepresented. What bank or lender loans money without knowing exactly what their collateral is worth… banks and lenders do business exactly this way!