"[Appraisal] quality standards during the mortgage boom years were set by the lenders and their regulators -- lenders got the quality they ordered under the supervision of their regulators, including the OTS and FDIC.
"Yet, now, these same lenders and the FDIC are looking at those appraisals as a way to recoup their losses resulting from bad lending and falling real estate prices."
Quoted from: Appraiser Law Blog
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