Attorney General Cuomo recently issued subpoenas to three large appraisal companies. The investigation could have ramifications for the seemingly ever-increasing appreciation of Manhattan apartment prices if it results in a crackdown on how the appraisal industry works. About 90 percent of appraisers reportedly feel pressure from owners and mortgage brokers to deliver sky-high property assessments, and many critics say the system is broken. “It’s a joke–the system is a joke,” says Jonathan Miller, one of the city’s most-respected appraisers. “There is very little independent analysis of what collateral is really worth.” more [NYO]
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As AG investigates, appraisers eyed
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