This past October the Appraisal Foundation initiated dialogue on valuation fraud. The Appraisal Foundation was created and authorized by Congress to set appraisal standards and qualifications to try decrease the amount of fraud problems plaguing both the appraisal and mortgage industries.

They also build awareness and educate consumers on valuation fraud and provide a platform for discussion for possible solutions. This past October the Appraisal Foundation held its first symposium in Washington D.C.

According to the chairman of the Board of The Appraisal Foundation, Lee Hackett, "The Foundation wants to do everything that it can to limit the impact of mortgage fraud on public trust in valuation".

The FBI released statistics that indicate that valuation fraud is an ever-increasing problem. The report shows that there have been losses that total more than $1 billion in 2005. The FBI report goes on to say that this year's numbers are predicted to exceed those from last year.

John D. Arterberry, executive deputy chief at the United States Department of Justice, delivered the keynote address. The program centered on three panels which were Valuation Fraud and the Lender, Valuation Fraud and the Appraiser, and Valuation Fraud and the Regulatory Community.