Public Trust Betrayed

The Truth Behind the Real Estate Appraisal Industry

Non-Fiction - Business/Finance
200 Pages
Reviewed on 03/17/2011
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Author Biography

Mr. Manning has been an appraiser in California for over thirty-five years specializing in residential properties. He is certified with the State of California as an appraiser and approved to appraise all types of residential properties. He began his career in 1973 after attending real estate courses at Pasadena City College. In the late 1970’s, he joined the appraiser roster of Fannie Mae as an approved appraiser and later became a member of the FHA panel. He has been qualified as an expert witness in both 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). He has performed appraisals and/or reviews for almost every major bank in the country as well as mortgage insurance companies, builders, accountants, and attorneys.

His report writing skills segued into a fascination with story-telling and the written word. He wrote and produced the documentary “Why Dance?” and the short film “The Queen of Spades”) to writing musicals (“The Naughty Princess“). He has received rave reviews by Booklist, Library Journal, Midwest Book Review, and others for his documentary “Why Dance?” as well as being nominated for “Best Educational Documentary” at the “9th Annual DVD Awards with Leonard Maltin”. His films have screened at numerous film festivals including Hollywood and London.

    Book Review

Reviewed by Anne Boiling for Readers' Favorite

James E. Manning is an appraiser in the real estate market. He brings his expertise to his book Public Trust Betrayed. He discusses the greed and stupidity that has placed us in the economic crisis that we now face. Each day we hear of more foreclosures. People are walking away from their loans because there is no way they can pay them and there is no longer “a moral obligation to keep making the mortgage payments.”

Manning shares his story…how he became an appraiser. I enjoyed his appraisal adventures. Once he was surrounded by police with guns pointed at him. Then there was the time he appraised the home of a Nazi. There was also a mansion filled with animals, horses, chickens, etc.

Manning describes the corruption of the industry. Bribes and kick backs are not uncommon. The appraiser gets pressure from all sides, the seller, the buyer, the mortgage company all want a certain price. “The FBI recently stated that they have over 1400 cases of mortgage fraud currently under investigation.”

Public Trust Betrayed is well written. Most readers will understand Manning’s points. This book is about real estate appraisal; naturally there are a lot of real estate terms. I found this book to be very informative. By adding personal accounts the author prevented the text from bogging down in facts. Manning explains why we have a credit crisis and what changes need to take place to prevent further deterioration.

Jim Manning

Here is an interview with author James E. Manning:

http://www.sanfranciscosentinel.com/?p=117374

Seán Martinfield

The independent real estate appraiser is being driven out of the business by the same forces that borrowed billions from the taxpayer in the form of a bailout, speculated in an over-leveraged derivatives market, and swallowed each other up after years of mismanagement. Why should anybody care? Because the housing recovery is dependent on transparency that we have not seen in more than a decade.

Public Trust Betrayed: The Truth Behind the Real Estate Appraisal Industry emphasizes that there must be transparency and objectivity in the mortgage and evaluation process if we are to solve the current credit crisis and what we must change in the financial industry to prevent another economic meltdown. As a result of fraud, conflicts of interest, over-valuations, and lax underwriting standards, the entire lending industry must be examined and changed if any meaningful housing recovery is to be accomplished.