Widespread Appraisal Fraud Puts Homeowners at Risk
While many U.S. households have benefited from the recent rise in real estate prices, homeowners who have bought at record high prices are vulnerable to a fall in property values that could leave them owing more on their mortgage than their home is worth. This risk is aggravated by the fact that many Americans have reduced the equity in their home to pay off credit card debts and cover day-to-day expenses. More troubling still is evidence that many appraisers fraudulently inflate property values during the buying or refinancing of homes. This paper explores the implications of appraisal fraud.
WHO IS DEMOS?
Demos is a non-for profit organization. It's purpose is to help build a society where America can achieve its highest democratic ideals. We believe that requires a democracy that is robust and inclusive, with high levels of electoral participation and civic engagement, and an economy where prosperity and opportunity are broadly shared and disparity is reduced. Founded in 1999, Demos' work combines research with advocacy - melding the commitment to ideas of a think tank with the organizing strategies of an advocacy group.Read Testimony
|
