When the housing market failed, banks were giving loans to clients that really could not afford the properties in many cases. They created "no doc" loans so that people could get loans without showing a work history and loans for up to 120% of the value of the home.When the property was foreclosed on or the bank loan failed, the value of all of the properties in the surrounding area were affected. We need a law enacted that would stop home and bank appraisers from using any and all of the comparable properties under foreclosure, REO, bankruptcy, or any other loan related issue in making estimates of value. This would protect honest homeowners from bank fraud, as was the case recently. Only allow appraisers to use "non-affected" sold properties in their appraisals.
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