Mary Cummins, Real Estate Appraiser, Real Estate Appraisal, Los Angeles, California, Mary Cummins.

Mary Cummins is a real estate appraiser in Los Angeles, California with 38+ years of experience. Cummins provides real estate appraisals for banks, lenders, mortgage brokers, Appraisal Management Companies (AMCs), lawyers, Courts, factors and private parties for lending, lawsuits, probate, estate planning, divorce and all types of litigation. Cummins provides 1004, 1073, 1025 and other form reports, narrative reports and historical appraisals besides real estate research and appraisal advice.

Showing posts with label real estate appraisal. Show all posts

Sunday, July 27, 2025

Appraisers did not Cause Racial Wealth Gap by Jeremy Bagott, Mary Cummins

I'm so glad Jeremy Baggott wrote an article about this case. He's such a wonderful writer who can so eloquently and effectively put this insane false narrative into words. In this case the black plaintiffs were the racists discriminating against the white appraiser. They defamed the appraiser with false claims of discrimination and racism. Baggot talks about how the lending industry has used this false narrative to subvert mortgage safeguards and make more money. Below are just first few paragraphs.

"FEDERAL BENCH: NO, APPRAISERS DIDN’T CAUSE AMERICA’S RACIAL WEALTH GAP

VENTURA, Calif. (July 25, 2025) – After years of feckless payouts by insurance companies and corporations, the era of using the courts to harass appraisers for their value opinions has ended.

Last week, a U.S. District Court judge in Maryland threw out a discrimination lawsuit on summary judgment. It was brought against an appraiser by a militant professor at Johns Hopkins University and his wife, who passed away since the filing of the suit. She, too, was a professor at Hopkins.

The Maryland appraiser, Shane Lanham, relied partly on crowdfunding to stitch together a successful defense against the spurious allegations. He received an assist by a key ruling in April in which a U.S. District Court judge in Ohio dismissed a similar meritless discrimination lawsuit against an appraiser. Both lawsuits were based on hunches and disparate-impact quackery. The lawsuits were so flawed as to be shocking.

The two dismissals were a blow to the deep-pocketed housing lobby – the Realtors, homebuilders and lenders – and their captured patrons in government. The housing lobby has sought to delegitimize and sideline third-party appraisers for decades. Cheerleading these lawsuits seemed like a new low, even for this bunch. It was a scorched-earth campaign that inflicted severe harm on random individuals for simply doing their jobs. For a subset of academics and agitators, the lawsuits were about providing justification for radical mortgage-lending policies grounded in the tenets of DEI and critical-race theory."

@jbagott Link to full article

https://mailchi.mp/541adc35f58a/federal-bench-no-appraisers-didnt-cause-americas-racial-wealth-gap

Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.

Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin

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Mary Cummins of Cummins Real Estate Services has been in real estate since 1983, over 35 years. She is licensed by the Bureau of Real Estate Appraisers. Mary Cummins was an agent and broker licensed with the California Department of Real Estate selling residential income, commercial buildings, raw land and homes for Merrill Lynch Realty in Beverly Hills and Westside Properties in Los Angeles before concentrating on appraisals. Mary Cummins currently provides real estate appraisals, expert witness testimony, historical research, legal real estate research for mortgage brokers, banks, lawyers, factors, insurance companies, financial consultants and private individuals. Mary Cummins was born and raised in Southern California. Cummins attended Beverly Hills Good Shepherd Catholic School and Beverly Hills High School. Besides being on the Dean's list, Mary Cummins was a top ten national swimmer and competed on the men's water polo team. Mary Cummins began college at the age of 15 attending the University of Southern California on scholarship, majoring in Psychology/Sociology. http://www.animaladvocates.us http://www.facebook.com/AnimalAdvocatesUSA

Saturday, July 26, 2025

Caution with Google Maps. Main Streets Updated More Often than Side Streets by Mary Cummins

Use caution when using Google maps street view. They rephotograph and update the main streets but not the side streets as often. This property was two units and they just added two more units to the front. I see the two units in one street view but not the other. Had I not decided to move around the street view I wouldn't have seen the new units in front. Check map dates. Main street photo with four units is May 2025. Side street photo with two units is June 2011. 14 years is a big span of time especially in areas that are quickly revitalizing. I like to look at properties on street view before I visit them so I don't have any surprises in terms of additions, size, condition... #GoogleStreetView #marycummins #realestateappraiser #losangeles #california

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Mary Cummins

Saturday, July 19, 2025

Why HUD Was Right to Roll Back PAVE Task Force Policies by Mary Cummins

Great article by Tobias Peter and Edward Pinto of American Enterprise Institute about HUD's rollback of PAVE Task Force policies. Summarized there was and is no racial discrimination and lowballing of blacks, Latinos by real estate appraisers. The polices were unnecessary red tape added to the mortgage process and the government is removing it.

Let me just say this quickly, WE TOLD YA SO! WE TOLD YA SO! WE TOLD YA SO! After six years of screaming about this from the mountaintops it's nice to see the government finally realize this huge mistake and false narrative. I realize it's mainly just Trump unwinding all things Biden. Permit me to savor the moment anyway. I've spent countless hours doing research, historical appraisals and writing articles to prove this point.

Tobias Peter wrote this ARTICLE published in Mortgage News July 18, 2025. It summarizes American Enterprise Institute's many independent research papers on the subject. The article's conclusions are as follows:

1. PAVE Task Force, Andre Perry and the Brookings Institute disregarded socioeconomic factors and falsely stated real estate appraisers lowballed blacks, Latinos in home appraisals. Research has shown the differences in values was because of location, location, location.

2. Freddie Mac and FHFA falsely stated that appraisers lowballed blacks, Latinos in lower income, value areas. Research has shown the cause of differences in value was location, location, location, first time buyers and concessions.

3. PAVE, Freddie Mac, FHFA, media, entire world falsely stated appraisers are racist and lowballed blacks, Latinos. Research has shown there was no statistical difference in appraisal values based solely on race.

4. Everyone said blacks, Latinos were denied credit, mortgages based on their race. Research has shown that banks were actually more likely to give high risk loans to blacks, Latinos. My comments. Banks probably felt pressured and had a fear of being sued. The banks will probably be sued over this when those people default.

5. References to possibly race related words in appraisals were statistically insignificant. We weren't allowed to state a kitchen had "white" cabinets because of these silly rules. We couldn't say "master bedroom," subject located next door to a "church," subject is a "senior living project," or "student housing." Some of these words were actually important though most appraisers got rid of "master" bedroom years ago. It's just "main" bedroom now.

The end suggestion to close the wealth gap between upper and lower income groups of all races is to encourage and help lower income people make more money on their own. I've said since the beginning that the cause of the wealth gap, home value gap is the income gap. It's not caused by appraisers or discrimination. People who make more money have more money and buy more expensive homes in more expensive areas regardless of their color or race.

Of course the media will never correct any of their false and misleading articles. Those articles caused appraisers to receive death threats, harassment, negative business reviews and frivolous lawsuits. I'm sure the false narrative will continue just because of the past media articles. People will continue to refer to and cite the false articles as if they were research, settled law or the bible.

Cummins Real Estate Services #AEI #pavetaskforce #HUD #marycummins #realestateappraiser

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Tuesday, July 15, 2025

Official End of Pave Task Force by Mary Cummins Real Estate Appraiser

As soon as Trump became President the PAVE Task Force pages disappeared from HUD website. I wrote about that here. I stated it won't change much because the PAVE Task Force never really did anything except smear and defame appraisers. July 11, 2025 HUD officially terminated the PAVE Task Force and all its "programs." This also won't change much for the same reasons. All the programs PAVE stated they initiated already existed. From the article and HUD press release.

"In a statement announcing the task force’s demise, HUD said this endeavor “exemplified government overreach by increasing bureaucracy using various tools aimed at addressing so-called systemic biases in the home appraisal process.” The agencies questioned the task force’s concerns regarding the systematic undervaluation of properties in nonwhite communities, citing American Enterprise Institute data that determined similar disparities occurred in white communities that shared a similar socioeconomic status."

From HUD press release, "Established in 2021, the PAVE task force exemplified government overreach by increasing bureaucracy using various tools aimed at addressing so-called systemic biases in the home appraisal process. It asserted that, in part, appraisals often result in systematic undervaluation of properties in black and Hispanic neighborhoods. However, data from the American Enterprise Institute (AEI) concludes that other characteristics unrelated to race – including educational attainment, average credit score, and family formation – are more likely significant drivers in differences between home values and appraisal outcomes.

“We’re encouraged that HUD and other agencies are beginning to roll back certain PAVE-inspired policies adopted by the Biden administration. These actions were driven by claims of race-based disparities in home values, mortgage denial rates, and appraisal under-valuations. These claims ignored AEI Housing Center research that found similar disparities in white communities with similar socioeconomic status, thereby invalidating the argument that the disparities were race based,” said Tobias Peter and Ed Pinto, Co-Directors at the AEI Housing Center."

Press release from HUD https://www.hud.gov/news/hud-no-25-092

HUD cited the AEI data which proves the underlying premise of the PAVE Task Force was 100% false! This is so huge! This shows that Andre Perry is a total fraud who helped push the false narrative to promote a political agenda and make money for himself selling his book and speaking engagements. I've been stating this since I first saw Perry speak at the Finance Committee and read his ridiculous book. I was so glad to see the AEI research factually and eloquently put into words and charts everything I was seeing and thinking. Summarized, people with less money buy less expensive homes in less expensive areas. Whites make more thank blacks, Latinos so they have more money. This is why black, Latino owned homes are worth less than white owned homes. Same goes with automobiles. The cause is underlying socioeconomic factors and not race. Whites with same socioeconomic factors as blacks, Latinos also own homes that are worth less than wealthier whites.

HUD added that current laws that address housing discrimination, including The Fair Housing Act and Equal Credit Opportunity Act, will continue to be enforced. These laws existed before PAVE. I support these actions. There will still be Reconsiderations of Values because they existed before PAVE. All of the fair housing regulations still exist. Appraisers are still not allowed to "low ball" anyone. There are still appraiser regulations, licensing and enforcement. HUD just ended the nonsense smear campaign about the alleged "old white racist male" appraiser "lowballing blacks and Latinos." As I stated before appraising is a math formula. We don't know the races, colors, religions... of the parties involved. We look at properties only. It's a math formula.

I do realize this is just Trump getting rid of all things Biden. I'll still take it. For the record I voted for Biden. This is one of only two real issues where I disagreed with Biden.

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Mary Cummins

Saturday, June 28, 2025

HUD Slashes Appraisal Requirements by Mary Cummins Real Estate Appraiser

UPDATE: I just saw a notice from an AMC which is a little different than the press release. It states while we no longer have to take photos of the attic and crawl space but we still have to inspect them and report. While we can use MLS photos for comps we still must go view the comps. While we no longer have to take angled or side photos we still must inspect and report. While we don't have to list remaining economic life we still have to list effective age. One can figure out remaining economic life based on effective age. This would mean there's no real difference in the amount of work and reporting involved for appraisers. We should take the photos for our work file and legal purposes. Looks like a fluff press release that won't change much.

ORIGINAL: June 27, 2025 HUD Secretary Scott Turner released the below press release entitled "HUD Slashes Red Tape to Homeownership Financing Costs." Some of that red tape is related to home appraisals which made some appraisers happy. The press release linked below links to the June 27, 2025 Mortgage Letter which details the rescission of the appraisal requirements, i.e. "Rescission of Outdated and Costly FHA Appraisal Protocols." Some of these changes would disrupt the home loan markets. Below are a few of the changes.

This was crossed out. ~~(I) Economic Life/Section 223(e)The Mortgagee must confirm that the term of the Mortgage is less than or equal to the~~ ~~remaining economic life of the Property.~~ Appraiser not longer has to include economic remaining life. This could be an issue if the loan is 30 years but remaining economic life of property is less than 30 years. This happens with some older homes in average condition not to mention older mobile homes. Older mobile homes generally can't get loans for this reason. I could see people walking from loans when they're underwater just like during the Great Recession.

FHA Minimum Photograph Requirements.

Only front and rear photos are needed. No more angled photos to show all four sides. Sometimes you really need to see all four sides. People generally don't repair the sides as much as the front. I always include photos of the sides whether they ask for them or not. It takes maybe five more seconds.

The street scene no longer has to include a portion of the subject. Then the street scene could be from anywhere and not subject's street. It doesn't take any extra time or effort to include a tiny portion of the subject on the side of the street scene. This doesn't save any time.

Attic and crawl space photos no longer needed. Sure hope someone inspects the attic and crawl space which can hide a lot of expensive damage and problems such as water damage, mold, roof issues, previous fires, original pipes, foundation issues... I've been in attics where I saw holes going to the outside, sagging roof supports, lack of insulation, burn marks, mold, mildew...that weren't caught in any inspection. While it's a hassle carrying a ladder to look in the attic I think it could be important. A head and shoulder view is all that's needed so you could use a stick to prop up panel and use selfie stick to take the photo. If it's no longer needed, I'm sure they'll reduce appraiser fee so while it may be less work, there will probably be less pay.

Photos of common areas of 2-4 units no longer have to be included. Photos of condo common areas also no longer needed. I've seen a lot of 2-4 units and condos with major deferred maintenance in the common areas. This could have a large effect on value especially considering the recent major condo issues with huge special assessments, inadequate insurance and zero replacement budgets. It only takes a few minutes to take common area photos.

Appraiser no longer has to comment on upward or downward future market trends in detail. This will be horrible if we head into another real estate recession like the Great Recession. The 1004MC form, also known as the Market Conditions Addendum, was introduced by Fannie Mae in November 2008 and became a requirement for all one- to four-unit property appraisals delivered to Fannie Mae and Freddie Mac starting April 1, 2009. It was created in response to the 2008 housing crisis to standardize the analysis and reporting of market conditions by appraisers. As it is it's not mandatory with many loans. I still use it to figure out general time adjustments besides AI.

This was crossed out. ~~Additional Appraisal Requirements for 223(e) Mortgages (09/14/2015)~~ "223(e)" refers to a section of the National Housing Act that allows for the insurance of mortgages in older, declining urban areas where there is a need for affordable housing. This section specifically facilitates the purchase, repair, rehabilitation, or construction of properties in these designated areas." Many can't get these loans for good reason. The cost to repair the home is more than the final value of the home. It's not a good investment for the government. The borrowers could end up under water and walk then we have another real estate recession. This has happened before.

This next part could be very problematic as it could allow construction in some flood zones. This will be a huge issue as the government unwinds FEMA and climate change increases. This is a big issue in Florida, Texas, the south. It has to do with building above the high tide line which has been rising for years. People shouldn't build in those areas because they will lose their home in the next storm and now FEMA won't even help them. Many areas in Florida are at risk of losing their roads and highways to sea level rise and storms.

"Rescinded the Federal Flood Risk Management Standard (FFRMS) for New Construction Eligibility. Rescinding the FFRMS restores the previous established policy, thus removing what would have been limits on the land available for development and eliminating increases in the cost of construction for FHA-insured single-family properties, which would have exacerbated the insufficient supply of affordable housing for the next generation of homebuyers."

Here's another troubling change. "Rescinded the Mandatory Pre-Endorsement Inspection Requirements for Properties Located in Presidentially-Declared Major Disaster Areas. Modifying FHA disaster inspection requirements aligns FHA’s policies with industry standards and allows lenders the discretion to assess property condition and determine appropriate risk-based actions prior to endorsement. This update reduces costly and unnecessary delays and will improve the bandwidth of home property inspectors that are often overwhelmed following a natural disaster."

I remember the 1994 earthquake in LA. I had inspections scheduled but no phone to contact clients to see if I should change the appts. My first two appointments were totaled by the earthquake. I later had to do reinspections for properties in the middle of financing to make sure they weren't damaged. Most were damaged. Not only that but values plummeted after the earthquake. Why would the government want to give the same loan amount to a property which is probably greatly devalued or worth almost nothing? The government has to bail out the loans and banks.

From the same press release, "During the first Trump Administration, HUD made targeted technology investments through FHA Catalyst that have substantially improved FHA’s collateral valuation analytics. As a result, FHA is now able to extend the benefit of these investments to borrowers, lenders, and taxpayers in the form of streamlined appraisal procedures, lower costs, and quicker turn times."

FHA Catalyst and AVMs: The FHA Catalyst system, which HUD has invested in, is a platform designed to modernize the FHA program by facilitating the electronic submission and processing of appraisals. It has also improved FHA's collateral valuation analytics, which suggests a role for AVMs within the FHA program.

The increased use of AVMs could be problematic as we all know how deeply flawed AVMs can be. The borrowers who will agree to an AVM value will have older homes in less than average condition without upgrades, views and in less than desirable locations in a neighborhood. These homes would receive a higher AVM value than market value by a live appraiser. Borrowers with fully upgraded, remodeled home on prime lots with prime views would get a lower AVM value and probably get a loan elsewhere. This means most AVM loans could be under collateralized. The resultant loans would be riskier for the government and investors not to mention the stock market.

I see some red flag issues with these recent HUD changes. They will reduce the confidence in real estate appraisal valuations, home loans and the real estate market in general. It will also upset asset backed securities markets and the stock market. Lenders, banks will make a lot more money at the expense of the homeowner and US tax payer. Similar loosening of regulations and changes were made before the Great Recession which is what caused the Great Recession. History has a tendency to repeat itself. We don't seem to learn.

While HUD can make administrative changes on its own sometimes they need the approval of Congress to make major changes in housing programs and funding. Maybe there should be some oversight on these changes such as the Finance Committee. In this new era of the government making executive orders without any approvals, oversight or even investigation this will probably stand as is.

"HUD Slashes Red Tape to Cut Homeownership Financing Costs

FHA eliminates 12 costly and burdensome policies in sweeping rollback"

https://www.hud.gov/news/hud-no-25-086

"Rescission of Outdated and Costly FHA Appraisal Protocols"
https://www.hud.gov/sites/dfiles/OCHCO/documents/2025-18hsgml.pdf

Marhttps://www.hud.gov/sites/dfiles/OCHCO/documents/2025-18hsgml.pdfy Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.

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Mary Cummins

Thursday, June 12, 2025

Government Must Pay for Eviction Moratorium Losses, Court Ruling, by Mary Cummins Real Estate Appraiser

Court Rules Government Must Pay for Eviction Moratorium Losses. A federal court just ruled 7-3 that governments are responsible for lost rent due to eviction moratoriums. It is considered illegal taking of property which is against the 5th Amendment of the US Constitution. I feel this should also apply to some rent control measures.

Here's what this means: If you lost rental income during Los Angeles' eviction moratoriums over the past five years, you might be entitled to compensation. You'd still have to sue to be compensated. If the ruling stands I'm sure there will be class action lawsuits.

The case is Darby Development Company Inc et al v. United States, U.S. Court of Appeals for the Federal Circuit, No. 2022-1929. Those moratoriums were so unfair especially to small mom and pop landlords. Many were forced to sell their buildings because they couldn't afford to keep them. Many tenants lied about Covid affecting their income to get free rent. Some never paid back the rent. Some just left.

https://www.reuters.com/legal/government/us-must-face-claims-over-pandemic-ban-residential-evictions-2025-06-06

Based on the below actual order this will probably go to the Supreme Court. SCOTUS would then decide if the order was properly authorized or not. If they decide it was properly authorized, this may be overturned. Scroll down to see the original order which is lower on the page.

Order https://www.cafc.uscourts.gov/opinions-orders/22-1929.ORDER.6-6-2025_2526499.pdf

"This case presents the question whether the United

States can be liable for the unauthorized acts of its officials

under the Takings Clause.

On September 4, 2020, the Centers for Disease Control

and Prevention (“CDC”) promulgated an agency order that

temporarily halted residential evictions in the midst of the

COVID-19 pandemic, relying on its authority under 42

U.S.C. § 264(a). The Supreme Court held that it was “virtually certain . . . that the CDC ha[d] exceeded its authority” under that statute. Ala. Ass’n of Realtors v. Dep’t of

Health & Hum. Servs., 594 U.S. 758, 759 (2021); see also

Resp. to Pet. for En Banc Reh’g at 2, Darby Dev. Co.

v. United States, 112 F.4th 1017 (Fed. Cir. 2024) (No. 22-

1929) (conceding that “the Supreme Court ultimately expressed the view that the moratorium exceeded the CDC’s

statutory authority”). As a result, the eviction moratorium

was enjoined. See Ala. Ass’n of Realtors, 594 U.S. at 766.

Despite the lack of statutory authority, the panel majority held that the order was not unauthorized for takings

purposes because it was done “within the normal scope of

the agent’s duties,” Darby Dev. Co., Inc. v. United States,

112 F.4th 1017, 1027 (Fed. Cir. 2024), effectively importing

the scope-of-duty standard from tort law into the takings

context.

Previous ruling with issues

https://www.cafc.uscourts.gov/opinions-orders/22-1929.OPINION.8-7-2024_2363309.pdf

Appellants: 104WWB, LLC, Azure Park Apartments, LLC, Bay Bridge Properties LLC, Belhaven Residential, LLC, Bella Estates Nevada, LLC, Capital City Interior LLC, Casas Adobes Partners V LLC, Darby Development Company, Inc., Decatur Point LLC, Encantada Apartments, LLC, GG Icon LLC, Grand Channel, LLC, GWR BH Holdings, Ltd., GWR Equities LLC, GWR Management, LLC, GWR Texas SE Partners, Ltd., GWR Trails Partners, Ltd., Hesperian Falls Partners LLC, Intercoastal Yacht Club, LLC, Lake Charlotte, LLC, Las Vegas Cameron Apts LLC, Logan Ventures of California Properties LLC, Mclean Investments, LLC, Orion Properties of West Palm Beach, LLC, Joanne Panek, Richard Panek, Paradise Square, LLC, R. James Properties, Inc., Michael Rak, Redwood Garden Properties, LLC, Ridge Falls Apartments, LLC, Riverbend Village Partners LLC, Shander International, LLC, Sunset Terrace Partners LLC, Regina Tillman, TSV Crossroads at Rochelle LLC, Veritas Equity Management, LLC, Villa East Properties, LLC, Villa Monterey Properties, LLC and Mohammad Zamanian to Doc No. [92].

Court of Appeals Docket #: 22-1929 Docketed: 06/24/2022

Termed: 08/07/2024

Nature of Suit: 512 Taking - Realty

Darby Development Company, Inc. v. US

Appeal From: United States Court of Federal Claims

Fee Status: fee paid

Case Type Information:

1) Civil US

2) -

3) -

Originating Court Information:

District: --14-1 : 1:21-cv-01621-AOB

Trial Judge: Armando O. Bonilla, Judge

Date Filed: 07/27/2021

Date NOA Filed: Date Rec'd COA:

06/06/2022 06/22/2022

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Mary Cummins

Saturday, June 7, 2025

How HUD Ended up Funding and Working for Private Nonprofit NFHA by Jeremy Bagott, Mary Cummins

Jeremy Bagott just wrote a great article about HUD, Zixta Martinez, the false narrative of the "racist appraiser" and the home loan industry. The article neatly assembles all the pieces of the racist agenda of Marcia Fudge and the National Fair Housing Alliance (NFHA). Fudge was clearly racist against non blacks, Latinos based on her many public statements which I've shared here. Fudge falsely stated all appraisers are racist white men who intentionally devalue the homes of blacks, Latinos reducing their wealth by $156B. Fudge used HUD funds to support NFHA who has the same racist agenda. Fudge also hired NFHA employees to work at HUD. The home loan industry took advantage of the false narrative to convince HUD that non appraiser valuations such as AVMs, value acceptance should be allowed and standard so they could make more money and control the values. All these entities worked together for their own agendas of racism and/or money.

"VENTURA, Calif. (June 6, 2025) – Hanlon’s Razor is a rule of thumb that encourages people to consider incompetence over malice to explain the actions of others. It states: “Never attribute to malice that which is adequately explained by stupidity.” The charitable spirit of Hanlon’s Razor is strained to the limit in the case of Zixta Q. Martinez.

Who is Zixta Q. Martinez? She is the deputy director of the now-skeletal Consumer Financial Protection Bureau. She was placed on administrative leave in February. Her job reportedly pays her $259,500 per year. But as wasteful as it sounds, paying her not to work is preferable to having her at her desk and engaged in divisive mischief. Her banishment couldn’t have come soon enough. She now needs to be cashiered. We can only hope she never again sees the inside of a government office.

The University of Texas-trained lawyer and activist Martinez is also chair of an obscure federal committee tasked with overseeing the way states license real property appraisers in federally backed mortgages.

While on the job, Martinez self-promoted and peddled a poisonous canard known as “appraiser bias.” The DEI-influenced theory holds that an appraiser of one racial group cannot properly appraise real estate owned by someone of a different racial group. The nation’s 70,000 state-licensed appraisers are a key check on the banks, nonbank lenders, homebuilders and Realtors. Conveniently, the housing lobby has attempted to cash in on this peculiar madness of our times, as they would like to be rid of appraisers. It has resulted in a weird partnership of convenience in which members of the housing lobby have joined hands with militants, like Martinez, who harbor contempt for free markets.

Together they have been working to delegitimize and sideline appraisers in federally backed transactions. These odd bedfellows promote the falsehood that appraisers, rather than socio-economic factors, are responsible for America’s racial wealth gap. This scapegoating is about shooting the messenger. It makes a mockery of actual efforts to narrow the racial wealth gap."

Rest of the article is here.

https://mailchi.mp/e175acd7f69f/not-gone-not-forgotten-who-is-zixta-q-martinez-10899579

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Saturday, May 17, 2025

Villa de Leon Kauffman Estate 17948 Porto Marina in Pacific Palisades by Mary Cummins Real Estate Appraiser

Villa de Leon, Kauffman Estate, 17948 porto marina, pacific palisades, california, real estate appraiser, anna fuchs, mary cummins, los angeles, getty villa, castellammare, italian revival, leon kauffman, kenneth macdonald Photo: Mary Cummins

Villa de Leon aka Kauffman Estate is located at 17948 Porto Marina, Pacific Palisades, California 90272. The home survived the Palisades fires. I believe it survived because the Fire Department probably thought it was part of the Getty Villa. It does have a cement facade and tile roof but it's not really fire resistant. Brush clearance was very good but the fire and winds were intense.

While I was there I noticed the front door was open. I was worried maybe someone was robbing the place as the owner doesn't live there. You need special permits to get to this area because of the fires. I have one of those permits. I then noticed a lovely lady weeding out front. I said over the fence "You have a beautiful house." She replied "someday it will be." I replied back "it's beautiful already." That was the owner Dr. Anna Rosciszewski Fuchs. She owns it in trust with her father Jan Rosciszewski who passed away in 2022 at the age of 94. I guess everything is relative. This is no denying that this is an amazingly beautiful home.

Villa Leon was built in 1926 for Austrian investor Leon Kauffman and his wife. It was designed by architect Kenneth MacDonald. It's currently a 35-room, 10,277 sq ft mansion in the Italian Revival style. The home was listed for sale at $14,995,000 and sold for $10,000,000 to the present day owners in 2005. Below original building permit says it has 18 rooms. It's 104' x 83' and 44' tall. It has a basement and three upper levels. Parking is underground. It is the Castle Rock tract lots 12-17. Home is on lot 12. Thomas Guide 630F6. APN 4416-015-062 Alternate addresses 17944, 17948, 17942 W Porto Marina Way. Tax states completed 1927.

Here is the basic plan of the home and property from ladbs.org The land issues are at the front near PCH.

Here are some more photos which I took yesterday.

Front door of Villa Leon 17948 Porto Marina, Pacific Palisades, California by Mary Cummins

Rear of Villa Leon 17948 Porto Marina, Pacific Palisades, California by Mary Cummins

Villa Leon 17948 Porto Marina, Pacific Palisades, California by Mary Cummins

The last MLS listing for property in 2005.

Plat map of property

Old postcards which I am using under the Fair Use of Copyright Act taken from the MLS listing website. These were personal postcards which one is allowed to scan and post.

Old web archive the 2005 listing with lots of photos and a Flash swf video

I turned the MLS swf into a video but it sped up for some reason. It's a photo slideshow.

Below are a few photos from the MLS video from 2005. I am a member of the MLS. These photos are used under the Fair Use of Copyright Act.

https://web.archive.org/web/20060104071653/http://www.portomarinaway.com/

Pages from a 1928 Architectural Digest article about the mansion. Photos are in black and white because 1928.

https://web.archive.org/web/20060716014026/http://www.portomarinaway.com/history/ad/index_001.htm

Text excerpt from a book about the mansion

https://web.archive.org/web/20060713171849/http://www.portomarinaway.com/history/book/index.htm

Embedded Google map.

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Mary Cummins

Tuesday, April 8, 2025

Only Four Permits Issued in Palisades Fire Area in 90 days by Mary Cummins Real Estate Appraiser

92 days post fire and only four permits have been issued to rebuild in the Palisades. Two of the permits are just smaller repairs. These people are forced to rebuild and repair. These aren't all developer spec homes. It will cost over $70,000 each in permit fees to rebuild. The City needs to keep promises about waiving some fees and slashing red tape and time frames. This is going to be a long expensive haul no matter what the state and local politicians have promised. It always is.

A quote from the article "Although this area has been branded as uber-wealthy, the majority of Palisadians were middle-class, 25 percent were senior citizens, and the majority don’t have the money it will cost to rebuild. Unless there is some financial assistance, people will not be rushing to pay for plans to rebuild."

I work in this area. The wealthy people live in the rarer larger luxury homes on the ocean, coast or in the hills with full ocean, coast views. Most homes are older average sized standard construction tract homes with no views in the flats. Most homeowners are not uber wealthy. Sadly if they can't afford permit fees, they can't afford construction fees or holding costs. They will be forced to sell their lots and move to a much less expensive area.

One resident said they had received an invoice for $1,338 for a permit fee for the Grading Department to review a soils report. These homes already had approved soils reports for the previous home on file. They had to spend at least $10,000 for a new soils report. The time and money involved in new construction is crazy. I hate to say I told ya so, but I said that it'll take as much time if not longer than the Malibu Woolsey fire to recover and rebuild. As of February 2025 "Fewer than 40% of the 465 homes destroyed by the 2018 Woolsey fire in Malibu have been rebuilt." The scale of the Palisades fire is much, much larger. It'll take even longer and cost a lot more.

Full article from Westside Current.

#losangeles #palisadesfire #palisades #permits #marycummins #realestateappraiser

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Mary Cummins

Sunday, April 6, 2025

Is my Condo Blacklisted by Fannie Mae, Freddie Mac Lenders? List of Requirements by Mary Cummins Real Estate Appraiser

Ever since the 2021 Surfside condo collapse in Miami, Florida lenders are worried about the condition of older condominium projects. Lenders do not want to loan on a project where their equity is not secured by a livable building in good safe condition. For this reason many older condos are denied funding backed by Fannie Mae and Freddie Mac.

Mae and Mac maintain a "mortgage blacklist" of condo complexes deemed ineligible for their mortgage programs. I've emailed them asking for it but they refuse to share it publicly. The condo projects are denied due to concerns about inadequate insurance, structural issues or insufficient reserves. This makes it difficult for owners to sell or refinance using these loan programs. This "blacklist" is basically a list of condo complexes which have been denied funding based on these requirements. This does not affect non Mae and Mac mortgages but if the project doesn't meet these requirements, they may still be denied by other lenders.

The most important thing a condo owner can do to prevent their condo from being blacklisted is fully research the project before you buy, sell and as you own it. Be sure to get a copy of all documents especially the budget, inspection report and the condo reserve report. A good condo project will have all future repairs noted with 70% of the future repair costs already paid in a reserve fund. The funds come from the HOA dues.

The problems arise with older buildings which need more and more repairs as they age. HOA dues don't always cover the increasing expenses so dues must be raised from time to time. Special assessments are needed for the larger unplanned repairs. Some condo owners don't want to pay increased HOA dues or assessments because they are on fixed incomes. Condo owners must vote for special assessments. This is what happened with Surfside condos. They knew they needed major repairs but the collective owners refused to vote for the larger HOA dues and special assessments to get the work done. The building also had structural issues when it was first built which needed to be repaired.

Here's a more detailed breakdown of what Mae and Mac need to see before they will fund a condo. I got this information from Fannie Mae and Freddie Mac websites.

Reserve Fund Requirements:

Minimum Reserve:

Fannie Mae and Freddie Mac require that a condo project have a reserve fund that is at least 10% of the annual operating budget.

Reserve Study:

A current reserve study, conducted by a qualified professional, is essential to determine the adequacy of the reserve funding plan.

Funding Plan:

The reserve study should include a funding plan that outlines how the association will reach and maintain the minimum reserve level.

Reserve Study Content:

The reserve study should include an inventory of major components, a financial analysis, and an evaluation of the current reserve fund adequacy.

Reserve Study Frequency:

It's recommended to have a reserve study performed and updated every three years by a qualified professional.

Reserve Study Compliance:

The reserve study must meet or exceed requirements set forth in any applicable state statutes.

Delinquency Requirements:

Delinquency Limit: No more than 15% of the total number of units in a project can be 60 or more days delinquent in the payment of their HOA assessments.

Other Important Considerations:

Critical Repairs:

Mortgages secured by units in condominium or cooperative projects in need of critical repairs are not eligible for sale to Freddie Mac.

Lender Review:

Lenders are now required to review all structural and mechanical inspection reports, including reserve studies, completed in the prior three years from the loan project review.

Unfunded Repairs:

Lenders are prohibited from issuing loans for complexes with unfunded repairs totaling $10,000 or more per unit.

Special Assessments:

Lenders must obtain and review information for any special assessments imposed by condominium associations to determine if they address a critical repair.

Insurance:

The project must have insurance that complies with the applicable requirements.

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Mary Cummins

Mary Cummins, Real Estate Appraiser, Animal Advocates, Los Angeles, California

Sunday, July 27, 2025

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