If the home values the homes were assessed at were somewhat aligned with the values the homes have and will have for the next twenty years there was no fraud.
I and many others, however have asserted for over a decade now that the assessment system was corrupted - and that eventually the real estate house of cards would collapse.
If, as we have been asserting all this time the real estate values are down and staying down then yes, there absolutely was fraud against the home owners. We aren't prophets and don't have psychic powers - which would be the only way the Banks and appraisors were not defrauding the public against out warnings all these years.
So what is it, Triple?
If home prices don't go back up - or are you going to try to say those of us who were warning America with our little presentations and pictures and charts were psychics?
You don't have a third option.
It’s called a free market, with voluntary buyers and sellers agreeing on a price. The bank does not set the price nor does any appraiser.