Lenders looked the other way

So here’s the billion-dollar question: Who fell asleep at the wheel regarding overinflated real estate appraisals? (“Housing upheaval: a tale of two homes,” Feb. 27.)

Think about it. Lenders control the entire real estate appraisal process from beginning to end. They use “preferred” vendors and have no obligation to look objectively at property values.

Like a bank that leaves the vault open, lenders are “surprised” that the values are inflated and property conditions mischaracterized. What rational person or entity lends without knowing the collateral’s value?

T.A. (Tony) Webster

Melbourne, Fla.