Steve Malanga, RealClearMarkets
Among the many guilty co-conspirators in the housing bubble were appraisers who succumbed to pressure from loan officers, buyers and real estate agents eager to get deals done. Wary of losing business, these appraisers submitted home valuations that were unrealistically high, contributing to an upward spiral of prices that was unsustainable.Appraisers' lack of independence brought calls for reform once the market melted down, including a spate of new federal regulations commencing in 2009, the latest in a long string of efforts by the government over the last half century to reform the...
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