Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Atty Gen. Cuomo Investigates NYC Appraisers

Posted by: Peter Coy on June 6, 2007

Andrew Cuomo, the New York state attorney general, is investigating the possibility of corruption by some appraisers in New York City, according to this intriguing article in the New York Observer. Here’s the headline:

New York’s Longest-Running Real-Estate ‘Joke’

Since mid-May, the Observer says, Cuomo has issued subpoenas to three companies. The question is whether appraisers are putting unrealistically high valuations on properties to curry favor with their clients, who need big numbers to justify the mortgages they’re taking out. It’s a question that should sound familiar just about anywhere in the U.S.

One appraiser who is not under investigation, Jonathan Miller of Miller Samuel, tells the Observer that only about one in four or five American real-estate appraisers does his or her job independently.
Jonathan Miller.jpg

“The rest of them are order-takers; they’re making the number, and it all works out,” Miller says. “It’s a joke—the system is a joke. … There is very little independent analysis of what collateral is really worth.”

For more of Mr. Miller’s blunt opinions, check out his always entertaining blog, Matrix.

Reader Comments

Jonathan J. Miller

June 6, 2007 6:21 PM

Thanks Peter - it finally feels like the topic is getting the traction it deserves. I hope there is some sort of constructive solution as a result. Until there is a separation of the appraisers from commissioned loan reps, things will remain status quo.

fozen food heiress new york

November 19, 2009 7:30 PM

gr8fMf0 shells restaraunt in tallahassee red flannel pet food enhancing food color fozen food heiress new york seafood resturants in bremerton wa stores in dresher food delivered ashland new jersey gourmet food europe food poisoning from grits tanzania food and drug authority how do microbes spoil food food concession tips in food service sales fenway park booths contact nmbs 39 food martin s cancer dye in food diet food delivered silva missouri ideal seafood market my favorite brand cat food most popular fast restraunts food hotel asia in singapor seafood restaurants elberton low odor varnish food packaging fast food diet food delivered iowa herbs food stores best food to help weight lose

Post a comment



BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

BW Mall - Sponsored Links

Buy a link now!