black couple sues appraisal company for low appraisal on home

[Ray From Cleveland]

LOL ya it was just a minor difference of doubling the value nothing to see here right?

And what if they find the second appraisal was way to high? What are you going to say then? See what I'm saying? You are automatically coming to assumptions without knowing all the facts.

 

[GWV5903]

Even though I had no credit card debt

Straight from your post…nothing about paying it off every month….

Why did you deceptively edit this sentence, where I said I had no Credit Card Debt? (I have credit cards, but pay them off every month.)

No deception….

Actually, what they are good for is suckering in people who don't know any better.

As with all businesses, there are good and bad, the good far outweigh the bad. Loan depot has success, one deal doesn’t make them bad. Mortage lending is highly regulated and typically low failure rates…

I don't think it's a stretch at all. Occam's razor. All other thing being equal, the simplest answer is usually the right one.

There is very little that is simple about obtaining a mortgage, to group the whole into one is a stretch, again. The process is deep and painful for many. The Obama administration created the CFPB to protect the consumer, and quite frankly its almost like kindergarten math now. If you continue to blame everyone for the color of your skin, sooner rather than later, society is going to call you out…

 

[Superbadbrutha]

And what if they find the second appraisal was way to high? What are you going to say then? See what I'm saying? You are automatically coming to assumptions without knowing all the facts.

What if, what if, what if.

 

[JoeB131]

Go read up on what an AMC is. Until then I’m done with this convo. You’re not willing to even do a minimal amount of reading in order to talk intelligently about a subject. I even linked it for you.

Don't care. They got a report. The report was full of sloppy work. They didn't even question it. They used it to deny a black family a loan.

Mother fuckers are going down... and I love nothing better than to watch a Bankster take it in the tuccus.

 

[JoeB131]

Straight from your post…nothing about paying it off every month….

Then why did you selectively edit it to make it sound like something it wasn't? That was intellectually dishonest of you... but what I've come to expect from the right wing.

As with all businesses, there are good and bad, the good far outweigh the bad. Loan depot has success, one deal doesn’t make them bad. Mortage lending is highly regulated and typically low failure rates…

Actually, not really. Were you not paying attention during 2008? Don't delude yourself into thinking that it can't happen again.

There is very little that is simple about obtaining a mortgage, to group the whole into one is a stretch, again. The process is deep and painful for many. The Obama administration created the CFPB to protect the consumer, and quite frankly its almost like kindergarten math now. If you continue to blame everyone for the color of your skin, sooner rather than later, society is going to call you out…

I agree the process is painful now, because the Banking Industry engaged in so much misconduct prior to 2008. The problem here is that they engaged in more misconduct by lowballing a black family by using a crooked appraiser. An appraiser whose misconduct was immediately obvious.

All they had to do was get a white person at the door and remove all the pictures of black people, and suddenly, the house was worth $300,000 more and the appraisal was actually done the RIGHT way (comparing the house to other houses in the same neighborhood instead of houses in black neighborhoods.)

 

[Curried Goats]

you know I give you a lot of shit about being prejudice but this thread shows a good number of white people that are the same. there is absolutely no defense for the difference in the appraisals, almost double is not defendable yet they keep coming up with excuses.

You mean you give a lot of bullshit about false equivalency with racism and then run away like a bitch when called on it.

 

[Couchpotato]

And what if they find the second appraisal was way to high? What are you going to say then? See what I'm saying? You are automatically coming to assumptions without knowing all the facts.

What if, what if, what if.

I think the second appraisal was a bit high (10-20k) but it was closer to the actual value than the first one. The high number is easier to explain than the low one given the market.

 

[Ray From Cleveland]

What if, what if, what if.

That's the intelligent way to look at any situation: know all the facts first before making judgement. If you don't know all the facts such as in this case, yes, it is reasonable and intelligent to ask "what if's" until we know all the details.

 

[GWV5903]

Then why did you selectively edit it to make it sound like something it wasn't? That was intellectually dishonest of you... but what I've come to expect from the right wing.

Copy and paste is not editing your words, but you know this…

Actually, not really. Were you not paying attention during 2008? Don't delude yourself into thinking that it can't happen again.

I have been in real estate for 30 years, closed several thousand homes. The Mortgage Meltdown as I referred to it, was due to the inception of FHA DPA, Congress & Secretary of HUD Cuomo believed everyone should own a home. Next Congress repealed Glass / Stegall which allowed commercial banks back into mortgage lending. Since 2008, our government has continued to offer Zero Down home loans, they are USDA loans.

I agree the process is painful now, because the Banking Industry engaged in so much misconduct prior to 2008.

Prior to 2008 it was not any easier, simple deduction, if I asked you to loan me $450,000 what are you going to want to know about me before you do this, everything….

The problem here is that they engaged in more misconduct by lowballing a black family by using a crooked appraiser.

I have numerous Black friends and several that are employees, they will tell you clearly, they didn’t lose anything if you read the full article.

All they had to do was get a white person at the door and remove all the pictures of black people, and suddenly, the house was worth $300,000 more and the appraisal was actually done the RIGHT way

That’s an opinion, there is no proof. Again, this is a Black Cultural issue, didn’t they get their refi done after all, YES they did!!

 

[Superbadbrutha]

That's the intelligent way to look at any situation: know all the facts first before making judgement. If you don't know all the facts such as in this case, yes, it is reasonable and intelligent to ask "what if's" until we know all the details.

We know the facts, racist folks like you will what if until the end because you don't want to admit what was really going on here. Hell Stevie Wonder could see it, if the difference was 5 or 10K ok that would be understandable. 300K difference, no that pretty much speaks for itself.

 

[Flash]

Who would want to live in a home after a Black family lived in it?

 

[JoeB131]

Copy and paste is not editing your words, but you know this…

Leaving words out to make some point that wasn't relevant is... but you know this. I specifically said I had no credit card debt. You deceptively edited the statement to make it sound like I said I had no credit cards. I'm not even sure why you felt a need to be dishonest.

I have been in real estate for 30 years, closed several thousand homes. The Mortgage Meltdown as I referred to it, was due to the inception of FHA DPA, Congress & Secretary of HUD Cuomo believed everyone should own a home. Next Congress repealed Glass / Stegall which allowed commercial banks back into mortgage lending. Since 2008, our government has continued to offer Zero Down home loans, they are USDA loans.

Bullshit. This is the lie your corrupt industry told, but it isn't true. The meltdown did not happen because poor people were buying modest housing. The meltdown happened because the realtors and the banks were selling McMansions to middle class white people who couldn't afford them, getting them to load up on debt they couldn't afford, on the hope they could turn a quick profit.

I live in an area where they were throwing up a McMansion on just about every vacant lot for a while... until the market crashed, and you had poor people squatting in those McMansions and some of them were left half finished for years before work started on them again.

But blame poor people for what the bankers and realtors did. Yup.

Prior to 2008 it was not any easier, simple deduction, if I asked you to loan me $450,000 what are you going to want to know about me before you do this, everything….

Oh, quite the contrary, the process in 2004 was a LOT easier. In 2004, I did have credit card debt, no equity in a current property, a lower credit score (but still good) and got approved pretty quickly. I was able to get a VA loan with no money down. Flash forward to 2021, where I came up with 10% down, had no credit card debt, an impending payout on my previous property. My salary was a lot higher, plus I had a whole second stream of income from a side business. My credit score was considered "pristine". And yet I had to fill out a LOT more paperwork to get a loan, and it was a lot less than $450K.

The point was, the bank hired an appraiser that lowballed their property for no other reason than they were black. When they hired a white friend to stand if for them, low and behold, the property suddenly became worth $300K more!

I have numerous Black friends and several that are employees, they will tell you clearly, they didn’t lose anything if you read the full article.

Ah, the cry of the bigot, "Some of my best friends are ######!" I did read the full article. Actually, I've read several versions of the article, and they all said the same thing.

That’s an opinion, there is no proof. Again, this is a Black Cultural issue, didn’t they get their refi done after all, YES they did!!

Only after they had to scream bloody murder about the misconduct.

You see, the thing is, when black people are treated EXACTLY the same as white people by banks, law enforcement, etc. THEN we will have solved the race problem.

Not before.

 

[JoeB131]

Who would want to live in a home after a Black family lived in it?

Actually, the lady who owned my condo was black. You know what, it made no real difference. The condo is quite nice.

 

[RetiredGySgt]

We know the facts, racist folks like you will what if until the end because you don't want to admit what was really going on here. Hell Stevie Wonder could see it, if the difference was 5 or 10K ok that would be understandable. 300K difference, no that pretty much speaks for itself.

it is even worse then just the stated amount, the fact is the second estimate was almost TWICE the first. NO DAMN WAY that is due to a difference in opinion on a single house's worth by different appraisers.

 

[Superbadbrutha]

Who would want to live in a home after a Black family lived in it?

Somebody that wants to buy a home.

 

[RetiredGySgt]

My House was being built when I bought it but every other house apartment or trailer I lived in I never once asked who lived in it before me.

 

[Ray From Cleveland]

We know the facts, racist folks like you will what if until the end because you don't want to admit what was really going on here. Hell Stevie Wonder could see it, if the difference was 5 or 10K ok that would be understandable. 300K difference, no that pretty much speaks for itself.

To just assume color had anything to do with it is pure ignorance. It wouldn't make sense because the appraisal company had nothing to gain by giving a low appraisal. Like I said, there could be a half-dozen reasons why the discrepancy, but to automatically assume only one could be responsible without hearing the other side of the story first is indeed ignorance.

Whitewashing (as they call it in the OP) means absolutely nothing given it was an entirely different appraisal company. It proves nothing. They likely would have gotten the same appraisal if they didn't touch a thing in the house. But again, assuming it was the reason for the high appraisal is pure stupidity. I don't know what these people were trying to prove in the first place with that stunt.

 

[horselightning]

To just assume color had anything to do with it is pure ignorance. It wouldn't make sense because the appraisal company had nothing to gain by giving a low appraisal. Like I said, there could be a half-dozen reasons why the discrepancy, but to automatically assume only one could be responsible without hearing the other side of the story first is indeed ignorance.

Whitewashing (as they call it in the OP) means absolutely nothing given it was an entirely different appraisal company. It proves nothing. They likely would have gotten the same appraisal if they didn't touch a thing in the house. But again, assuming it was the reason for the high appraisal is pure stupidity. I don't know what these people were trying to prove in the first place with that stunt.

no one whitewashing anything. blacks just cant take the truth.

 

[Superbadbrutha]

To just assume color had anything to do with it is pure ignorance. It wouldn't make sense because the appraisal company had nothing to gain by giving a low appraisal. Like I said, there could be a half-dozen reasons why the discrepancy, but to automatically assume only one could be responsible without hearing the other side of the story first is indeed ignorance.

Whitewashing (as they call it in the OP) means absolutely nothing given it was an entirely different appraisal company. It proves nothing. They likely would have gotten the same appraisal if they didn't touch a thing in the house. But again, assuming it was the reason for the high appraisal is pure stupidity. I don't know what these people were trying to prove in the first place with that stunt.

Black Neighborhood Home Appraisal Gap Is Real and Persistent | Bankrate

A Freddie Mac study of 12 million appraisals offers data of a racial gap in home valuations, with Black-neighborhood homes deemed worth less.

www.bankrate.com

 

[GWV5903]

Leaving words out to make some point that wasn't relevant is... but you know this. I specifically said I had no credit card debt. You deceptively edited the statement to make it sound like I said I had no credit cards. I'm not even sure why you felt a need to be dishonest.

I went back and read your post, you did say debt, there do you feel better now?

Bullshit. This is the lie your corrupt industry told, but it isn't true. The meltdown did not happen because poor people were buying modest housing. The meltdown happened because the realtors and the banks were selling McMansions to middle class white people who couldn't afford them, getting them to load up on debt they couldn't afford, on the hope they could turn a quick profit.

I live in an area where they were throwing up a McMansion on just about every vacant lot for a while... until the market crashed, and you had poor people squatting in those McMansions and some of them were left half finished for years before work started on them again.

But blame poor people for what the bankers and realtors did. Yup.

Joe I have always known you were a BLEEDING HEART LIBERAL, you have no understanding of the laws when it comes to buying and selling real estate. There's a little law called the Equal Housing Act, meaning you cannot tell a potential buyer not to use a FHA DPA loan ( Federal Housing Administration Down Payment Assistance) or what home they should buy, this is a federally secured loan, has nothing to do with private banking, but I almost forgot your socialist / communist agenda. This loan allowed a buyer to roll in their down payment and closing cost, effectively they had no equity at risk, buyers who have equity at risk tend to find a way to pay their mortgage on time so they don't lose their assets. Buyers who have $500 to $1,000 at risk do not seem to care as much. My company has an excellent reputation and has followed the laws to a tee, after the 2008 Mortgage Meltdown we didn't lay off 1 employee, we ran our business conservatively and kept our staff employed, not to many businesses can say this. All of these high risk loans were signed off under the watchful eye of our US Congress, the Clinton administration created FHA DPA and was in office when Glass-Stegall was repealed, look it up...
Glass–Steagall legislation - Wikipedia

Oh, quite the contrary, the process in 2004 was a LOT easier. In 2004, I did have credit card debt, no equity in a current property, a lower credit score (but still good) and got approved pretty quickly. I was able to get a VA loan with no money down. Flash forward to 2021, where I came up with 10% down, had no credit card debt, an impending payout on my previous property. My salary was a lot higher, plus I had a whole second stream of income from a side business. My credit score was considered "pristine". And yet I had to fill out a LOT more paperwork to get a loan, and it was a lot less than $450K.

The point was, the bank hired an appraiser that lowballed their property for no other reason than they were black. When they hired a white friend to stand if for them, low and behold, the property suddenly became worth $300K more!

The underwriting guidelines didn't change for your VA loan during this time frame, the only things that have changed for the veteran is very minor, the Funding Fee has been adjusted maybe once in the last 30 years, it's the easiest loan to get for a veteran, high DTI and Zero MI, doesn't take a rocket scientist to figure this out. In Texas our legislatures voted to reduce their property taxes up to 100% depending on their disability. Same loan guidelines today, what Obama created was the CFPB, they changed the settlement statement or what was called the HUD-1 to what is used today, a CD. Todays CD (Closing Disclosure) is very easy to understand, spells it out for the disadvantaged. You have no real understanding of how the appraisal works, the lender / mortgage company has no direct contact with the appraiser, ZERO, there is a Appraisal Management firm between the 2 entities today, has been this way for over a decade. The appraiser is on their own and will evaluate a property differently than the next one, $300,000 is ridiculous, but this happens more than you have a clue. Loan Depot is in the business of refinancing or doing new loans, it does them no good for this to happen, but you would have to look at this objectively to have a clue...instead you want to find the racism in any and everything you possibly can, because you yourself are a bigot hiding behind your socialist / communist agenda...

Ah, the cry of the bigot, "Some of my best friends are ######!" I did read the full article. Actually, I've read several versions of the article, and they all said the same thing.

See above, you are the rumor monger, spread lies of hate, there are millions like you, everyone knows who you are...

Only after they had to scream bloody murder about the misconduct.

You see, the thing is, when black people are treated EXACTLY the same as white people by banks, law enforcement, etc. THEN we will have solved the race problem.

Not before.

The real question is did they get to refinance their home? Yes they did, and benefited no matter what their ethnicity is, but you can't see this because you will always spread the rumor of hate, you can't help yourself...