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December 2007 |
A Publication of ELLIOTT®
& Company Appraisers |
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LACK
OF INSURANCE IS TRUE DAMAGE FROM FIRES |
 Now
that the devastating inferno that struck southern California has been
extinguished and the ashes of property it destroyed are now cold, the
true damage of the fires are being revealed. According to the California
Department of Insurance, about 40% of those who lost homes during
October’s fire did not have enough insurance coverage to pay their
replacement costs.
The problem of underinsured homes is not restricted to California.
Experts estimate that nationally 60%-70% of homeowners do not have
enough insurance to rebuild their homes due to the fact that
construction costs have increased so dramatically in recent years.
"Most Americans still think that full coverage means full coverage,"
said Douglas Heller, executive director of the Foundation for Taxpayer
and Consumer Rights. "Insurance companies know otherwise."
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MERRY
CHRISTMAS FROM ELLIOTT® & COMPANY APPRAISERS |
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 All of us at ELLIOTT® &
Company Appraisers wish you a Merry Christmas and a Happy New Year. During
this holiday season, we would like to take a step back and express our
appreciation for the business we have received from our long-time clients,
as well as the ones who have started doing business with us this year.
Our office will be closed on Tuesday, December 25, and Tuesday, January 1,
for the holidays. We will be open all other weekdays during the holiday
season, including Monday, December 24, Wednesday, December 26, and Monday,
December 31, offering appraisal service in all 50 states. |
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FANNIE MAE
AND FREDDIE MAC RESPOND TO CUOMO SUBPOENAES |
GSEs Fannie Mae and Freddie Mac have each issued
statements in lieu of New York Attorney General Andrew Cuomo’s
announcement that they have been subpoenaed to testify in the
upcoming court case brought on by Cuomo’s lawsuit against
eAppraiseIT. According to Cuomo’s suit, First American
eAppraiseIT agreed with Washington Mutual Inc. to only use
"proven appraisers," who could be counted on to inflate appraisal
values.
"If true, the appraisal practices described in the complaint
would violate Fannie Mae’s requirements for loans we purchase
from lenders or securities," said Brian Faith, Fannie Mae’s
managing director of communications. "It is against our interest
to purchase or guarantee mortgages with inflated appraisals, and
so it is in Fannie Mae’s interest that these appraisal practices
be investigated."
Management at Freddie Mac seemed to feel the same way.
"Accurate appraisals are fundamental to our
effective credit-risk management, as well as the long-term
success of the home buyers we are chartered to serve," read a
statement issued by Freddie Mac.
Cuomo has requested an independent examiner to look at the
appraisals in question.
Faith at Fannie Mae welcomed the idea, as he said, "If the
examiner determines we own or guarantee mortgages with inflated
appraisals, our guide states that the lender must buy back the
loans that do not meet our standard and requirements." |
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 QUOTES OF WIT &
WISDOM
"We make a living by what we get. We make a life by what we
give."
-- Sir Winston Churchill
"Genius may have its limitations, but stupidity is not thus
handicapped."
-- Elbert Hubbard
"In the absence of clearly defined goals, we become
strangely loyal to performing daily trivia until we
ultimately become enslaved by it."
-- Robert Heinlein
"Go through your phone book, call people and ask them to
drive you to the airport. The ones who will drive you are
your true friends. The rest aren’t bad people; they’re just
acquaintances." -- Jay Leno
"Self reliance is the only road to true freedom, and being
one’s own person is its ultimate reward."
-- Patricia Sampson
"It’s easier to forgive an enemy than to forgive a friend."
-- William Blake
"You can discover what your enemy fears most by observing
the means he uses to frighten you."
-- Eric Hoffer
"Nothing will benefit human health and increase the chances
for survival of life on earth as much as the evolution to a
vegetarian diet." -- Albert Einstein
"Part of the secret of success in life is to eat what you
like and let the food fight it out inside."
-- Mark Twain
"Selfishness is not living as one wishes to live; it is
asking others to live as one wishes to live."
-- Oscar Wilde
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