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However, other internet-based companies struggled but survived and are giants today, notably Microsoft, Amazon, eBay, Qualcomm, and Cisco. Several online and technology entities declared bankruptcy and faced liquidation – namely ., Webvan, 360Networks, Boo.com, eToys, etc. The NASDAQ fell by 75% from March 2000 to October 2002, erasing most of the gains since the bubble started building. The dotcom bubble is also associated with the NASDAQ Composite index, which rose by 582% from 751.49 to 5,132.52 from January 1995 to March 2000. The period marked the emergence of the widespread use and adoption of the internet from shopping online, communication, and a source of news. The dotcom bubble’s origins can be traced to the launch of the World Wide Web in 1989, the subsequent establishment of internet and tech-based start-up companies during the 1990s, and rising momentum as the decade came to its end. The companies were largely those with a “.com” domain on their internet address. “The regulators would have had to have been hit over the head with a Mack truck before they took issue,” he says.The dotcom bubble is a stock market bubble that was caused by speculation in dotcom or internet-based businesses from 1995 to 2000. He also says that despite repeated warnings about the pressure appraisers were being subjected to by mortgage brokers, the federal regulators simply reiterated the guidance on independence but refused to say that mortgage brokers couldn’t be the ones to order the appraisals. ‘If you do this one for me, I’ll give you a whole bunch of work.’ And you knew if you didn’t, you would never get work again.” Another former appraiser at a major lender says that federal regulators never once spoke to him, or to any appraiser he knows, about their independence from the sales staff. But the loan salesmen “would tell you what the number was,” Ferguson explains. (Does that sound familiar too?) “Appraisers were not supposed to know” the size of the loan, says an appraiser named John Ferguson, who worked as both an independent appraiser and for Bank United, which was taken over by the FDIC. And since there was no system for tracking bad appraisals, a mortgage broker could shop a loan with a flawed appraisal, have it turned down by one lender, and keep shopping the same appraisal until some other lender bit.Īs for keeping appraisers separated from loan production people, well, federal regulators simply didn’t enforce the rules. It was hard to track bad appraisers, and there were cases where an appraiser who had a license revoked in one state simply moved on to another state. Because that was such a drastic threat, states understood it was also an idle threat. At the federal level, the Appraisal Subcommittee, created in 1989 to oversee state regulation of home appraisals, had only one penalty it could impose: Disapprove a state, thereby blocking any federally insured lender from using the work done by an appraiser in that state. But appraisers’ licensing fees, which the states were supposed to use to fund regulatory oversight of home appraisals, instead often got swept into state general funds, leaving little money for enforcement. The states were supposed to bear some of the new responsibility to regulate. |
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