Inducing endemic appraisal fraud is an optimal strategy for a lender that is engaged in "accounting control fraud." Accounting control frauds drove the second phase of the S&L debacle, the Enron era crisis, and the ongoing crisis.
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It never ceases to amaze me how many people think they are smarter than the credit card game. It reminds me of people who are trying to outfox casinos.
When three people who know about money go to the extreme of not owning any credit cards, others might want to take note.
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