It's the latest innovation during the US foreclosure crisis: the bank branch robbery.
A 69 year-old Californian homeowner allegedly robbed a Bank of America [stock BAC][/stock] branch in order to pay off his mortgage at its 17% interest rate.
An interesting post at RightJuris.com has the scoop.
The man claimed to need $50,000 to save his home from foreclosure but left the bank with $100,000, according to the post. He would not get far enough to make the payment, however.
The man later said he wanted to "get the money and get the hell out of there," but he got a lot more when authorities arrested him.
"I don't do this kind of [stuff]. I was stupid," he said in a post-arrest interview.
A clip of the interview is available to watch below.
The appraisal industry is in the midst of huge disruption as automated valuation models and hybrid appraisal products gain favor with regulators and investors. What does the future hold for appraisers and appraisal companies as they adjust to the new realities of automation?
[Free HousingWire Magazine read] As Millennials grapple with paying off student loans, their opportunity to buy a home gets pushed further and further into the future. That delay has consequences far beyond individual students — the growing student debt crisis impacts every part of the economy.
There has been a conscious and rapid shift to broaden the use of alternative valuation products for origination. Not every decision needs a $500, full-blown 1004 interior appraisal. And in some markets where appraisers are short in number, the turn times can stretch from days to weeks. What these new alternative — some would say disruptive — valuation products do is enable lenders and servicers to better match the product to the risk by harnessing big data and technology.