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An Author Wednesday Interview with James Manning, author of “Public Trust Betrayed: The Truth Behind the Real Estate Appraisal Industry”
“Public Trust Betrayed” is a criticism of the need for objectivity in the appraisal industry that has led to deception and dishonesty, ultimately leaving the real estate market to crumble. This book tells all by exaggerating how transparency is a necessary when evaluating mortgages and gives steps to improve the current financial crisis. This book suggests that the real estate industry should be challenged for the justice of both clients and agents alike. With Manning’s expertise, the unspoken truth about the corruption of the industry comes out.
Read more for the rest of this great author interview and to learn how you can win a copy of James’ book!
Q. Thanks for the interview. Can we begin by having you tell us a little bit about yourself and how long you’ve been working in and writing about this topic?
A. I have been an appraiser in California for over thirty-five years, specializing in residential properties. I am certified with the State of California and approved to appraise all types of residential properties. I began my career in 1973 after attending real estate courses at Pasadena City College which piqued an interest in the industry. In the late 1970’s, I joined the appraiser roster of Fannie Mae as an approved appraiser and later became a member of the FHA panel. I have been qualified as an expert witness in both Superior Courts in Northern California and in United States Federal District Court, Northern District of California in one of the largest real estate fraud cases in California history (U.S. vs. George I. Benny). I have performed appraisals and/or reviews for almost every major bank in the country as well as mortgage insurance companies, Fannie Mae, Federal Housing Authority (FHA), builders, and attorneys.
Q. What’s your new book about? Why did you write it? What main message will readers take away from it?
A. The book is essentially about the pressures placed on a small group of dedicated and thoughtful men and women whose dedication to performing their duties honestly and ethically has, in most cases, cost them their careers; in my case, a career of over thirty-five years. We are real estate appraisers. We have no direct ties to Washington or lobbyists representing our interests. Yet, our function of valuing the underlying collateral for almost every mortgage made in this country has been under attack by every entity that uses our services, including banks, mortgage brokers, real estate brokers, builders, developers, Fannie Mae, Freddie Mac, and others. It has gotten to the point that the most experienced and ethical appraisers have shut their doors and refused the pressure placed on them by the end users of our services. I wrote the book in order to expose the weaknesses of the mortgage system and how eroded and corrupt it has become, all from the viewpoint of an appraiser. I am hopeful that the reader will be outraged and demand action from our politicians and regulators.
Q. What inspired you to write this book?
A. The realization that so many people were playing games with the system ranging from bankers and brokers to borrowers and real estate agents, from neighbors to even family members. They were all gaming the system. It was if my entire life was imploding. Everything I ever believed in (honesty and ethics) was suddenly tossed out and there was a new world order.
Q. What were some of the greatest discoveries, lessons, or findings you came across while doing research and writing this book?
A. How therapeutic the whole book writing process can be. To take all of my concerns, fears, and expectations and put them to pen and paper was really an eye-opener. To be able to offer solutions to the problems and not just criticism was very satisfying. Also, sharing life’s little experiences and how they relate to the topic was very therapeutic.
Q. What do you feel sets your book apart from others in the same genre?
A. I’d like to think that my folksy delivery is what sets the book apart from others about the big credit collapse and the devastation that followed. The subject matter can become very heavy and numbing, very statistic driven. I tried to keep it light.
Q. What are 5 things everyone should know in your area of expertise?
A.
1. The definition of market value, as we use it, is the most probable price, not the highest price.
2. Your house is normally not the best house on the block.
3. Gossip about your neighbors’ sales price is just that unless we can verify and document the information about the sale. As in court, it is just hearsay.
4. Appraising is an art form. We use our experience, training, and education to analyze data about economic and market trends in your neighborhood (including other home sales) and make conclusions about them.
5. We come up with “our” opinion of value… not yours, not the real estate agents, and not the mortgage brokers. Just because you paid for the appraisal does not mean that you dictate the outcome.
Q. If someone were a complete newbie when it comes to the topic of your book, what are some steps they could take to dive in and get more educated in this area. (Besides reading your book of course!)
A. Watch the documentary “Inside Job”. This Academy Award winner will open your eyes about the sub-prime mess. Not so much about appraising per se (there has not been much written about it either in book form or in the press) but a great piece of work.
Q. If you could write 1 Golden Rule to take away from your book, what would it be and why?
A. Honor and ethics above all! There has been a complete breakdown of morals and ethics in this country (maybe even the world). It is really depressing.
Q. What are some of your current projects you’ve been working on in this field?
A. I am trying to get things changed! I sometimes feel like a lonely soldier trying to win the battle all by myself and the weight of it all seems so huge. I have written congressmen and congresswomen, US Senators, even the president. I have sent them copies of the book. In fact, I suggest to readers that they send their copy of the book (when they finish it) along to their representatives along with a letter asking for help to change the system now before it is too late. The book is under $15.00.
Q. Thank you for the interview James! Would you like to share where we can find you on the web and how we can buy your book?
A. Our website can be located at www.publictrustbetrayed.com and there are several links on the site to Amazon, Barnes & Noble, Borders, and the publisher’s website. The book is available on Kindle and I recommend this format.
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About the Author: Mr. Manning is a certified appraiser of different residential properties with the State of California for over thirty-five years. In the late 1970’s, he joined the Fannie Mae company as an approved appraiser and became a member of the FHA panel. He has been qualified as an expert witness in the Superior Courts in Northern California and United States Federal District Court, Northern District of California where he was an expert witness in one of the largest real estate fraud cases in California history, U.S. vs. George I. Benny. Mr. Manning has performed appraisals and reviews for a number of major banks and mortgage insurance companies nationally along with builders, accountants, and attorneys.
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Contact James:
(650) 245-4243
Half Moon Bay, CA 94019
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