Posted by elena on December 29, 1999 at 06:38:40:
I agree with everyone else. I’m in MD where a lot has been said about flipping. In fact, a couple of months ago, our Attorney General was all over the press saying that flipping is illegal. The problem, however, was over the use of inflated appraisals so the houses were sold to unsuspecting people for way over their actual value. What was illegal was the fraud in the appraisal. More recently, the attorney general was again in the news about flipping and he finally made that distinction. Flipping is NOT illegal. The use of fraudulent appraisals IS. It doesn’t take a rocket scientist to conclude that fraud is illegal. It apparently does take a rocket scientist to make not so subtle distinctions about free market economics.