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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.