business news channel said that fannie & freddy just announced that
appraisers have to be independent.

this was big issue in the s&l crisis in the 80s ... but seems
to have been forgotten.

independence was big issue with auditors and problems the early part of
this decade ... and also resulted in the audit companies spinning off
their consulting businesses (those that survived).

independence was effectively part of the glass-steagall act from the
early 30s (as reaction to the investment problems in the previous
decade) ... which was repealed late in the last century.

it is also behind the (independent) multi-party operations as
countermeasure to insider fraud. the crooks response has been collusion
... which then starts to result in collusion countermeasure.

misc. recent posts on the subject:
http://www.garlic.com/~lynn/2008b.html#12 Computer Science Education: Where Are the Software Engineers of Tomorrow?
http://www.garlic.com/~lynn/2008b.html#26 folklore...

In article garlic.com>, lynn@garlic.com says...

Today Bernake announced that mortgage holders should lower mortgages
(yes folks, he meant the principle) so the home-mortgage problems
disappear. I guess I should buy fast, so I can get some of that
free money.

krw att.bizzzzzzzzzz> writes:

re:
http://www.garlic.com/~lynn/2008e.html#59 independent appraisers

Spy vs. Spy is somewhat implying that the attacks and countermeasures
are of equal difficulty with equal rewards.

In many of the situations the difficulty of the attacks dramatically
increases ... and the economic rewards for the attackers can start to
become less than the cost of the attacks ... resulting in the number of
vulnerability points that require further measures radically
decreases. in some cases the order of the problems drops from billions
to thousands to tens.

lots of posts mentioning threats, vulnerabilities, exploits, fraud, etc
http://www.garlic.com/~lynn/subintegrity.html#fraud

it is also somewhat the theme discussed in this old post
http://www.garlic.com/~lynn/aepay3.htm#riskm The Thread Between Risk Management and Information Security

also mentioned in this recent post
http://www.garlic.com/~lynn/2008e.html#65 Banks failing to manage IT risk - study

In article news.individual.net>,
krw att.bizzzzzzzzzz> wrote:

I don't understand this at all. Why don't those mortagage holders
simply not change anything. The payers are used to paying a certain
amount. It is the increase in the monthly payments that are causing
people to leave the house leaving the banks with an expensive
lump. The houses' valuations will go back up long before the
loans are paid off.



/BAH

krw att.bizzzzzzzzzz> writes:

re:
http:://www.garlic.com/~lynn/2008e.html#59 independent appraisers
http:://www.garlic.com/~lynn/2008e.html#66 independent appraisers

another way of measuring the x9.59 scenario
http://www.garlic.com/~lynn/x959.html#x959

is that the attacker compromises an (point-of-sale) end-point to
skim/harvest account numbers
http://www.garlic.com/~lynn/subintegrity.html#harvest

the information is then used for fraudulent transaction at one of
possibly tens of millions other end-points located at some random
location somewhere else in the world.

the forensics for the fraudulent transaction then attempts to determine
which of the tens (or hundreds) of millions of end-points that the
compromise actually occured.

On 2008-03-05, jmfbahciv@aol.com aol.com> wrote:

greymaus mail.com> writes:

re:
http://www.garlic.com/~lynn/2008e.html#59 independent appraisers
http://www.garlic.com/~lynn/2008e.html#66 independent appraisers
http://www.garlic.com/~lynn/2008e.html#69 independent appraisers

In article news.individual.net>,
krw att.bizzzzzzzzzz> wrote:

Wouldn't lowering the interest accomplish the same objective, you run
the rates down to 1%% and you'd be amazed at how many defaulters could
make the payments. Plus, you can make the loan non assumable, thus not
being able to charge a higher rate to new buyers or not have to carry
the house if it is sold. It's still an undeserved gift, and there is a
moral hazard in rewarding imprudent behavior, but it may be the best
option.

Homeowner over head, gets principal reduced in 5-10 years house (land
actually has appreciated due to inflation) and sells at a profit.

In article garlic.com>,
Anne & Lynn Wheeler garlic.com> wrote:

On 2008-03-05, Walter Bushell oanix.com> wrote:

They arn't giving out that sort of crazy money anymore. Its hard to
get credit.