He Came With A Tape Measure

We remember refinancing a mortgage some years ago.  Received call from Appraiser.  Said he wanted to appraise the house for the mortgage which amount to about 85% value, 15% mortgage.  Made appointment for later that morning.  He arrived on time, tape measure in hand, and proceeded to measure each room and photograph same.

So yesterday when Bank of America agreed to pay $16,000,000,000 to the government as a fine for the mortgage debacle, we thought back to this episode and to reports in the media of various mortgage frauds including such outrages as a rundown shack bought for $20,000 and refinanced for $250,000 on the grounds that it had been rehabbed, including new fancy kitchen, none of which happened.

This kind of thing will continue to happen if we use tape measures for the good people and ignore the fraudsters.  And don't get us started on grandma getting a pat-down at the airport.