Source: American Society of Farm Managers and Rural Appraisers
The Appraisal Institute, the American Society of Farm Managers and Rural Appraisers, The American Society of Appraisers and the National Association of Independent Fee Appraisers sent a letter to Treasury Secretary Timothy Geithner expressing their concern over increased mortgage fraud.
The Obama administration is supportive of allowing broker price opinions in determining the minimum offer in "short sales" of homes.
"We strongly believe continuing to allow 'broker price opinions' (BPOs) in the property valuation component will not adequately protect the public interest (consumer, borrowers, etc.) or the interests of the various parties to the loan (lenders, loan servicers, etc.) and is likely to exacerbate mortgage fraud," the appraiser organizations wrote.