Jan
California Appraiser Sues WaMu, First American, eAppraiseIT, and LSI
WaMu’s (Washington Mutual) problems with fraudulent appraisals has moved rapidly from New York State, where it is being sued by New York Attorney General Cuomo, to California.
According to Appraisal Scoop, WaMu is being sued by Jennifer Wertz, a California Office of Real Estate Appraisers (OREA) licensed appraiser for fraud, breach of both oral and written contracts and other tortious acts. The 12 count lawsuit also names First American Corp., eAppraiseIT, Lenders Services (LSI), FNIS, Inc, and Susan Richter, a WaMu sales manager.
Wertz’ attorneys wrote the complete article on Appraisal Scoop describing the history of appraiser Wertz’ business relationship with the defendants and the events that transpired, culminating in her legal claims against them. This is a fascinating read, a prelude of the problems washing up at WaMu’s front door.
Here is just a taste of the article:
Jennifer Wertz was considered a preferred real estate vendor which means that Wertz’s worked had previously been used and WaMu was familiar with and considered Plaintiff’s work to be proven.
On or about May 21, 2007, Susan Richter (a Sales Manager employed by WaMu) informed Jennifer Wertz that a loan for which Wertz had prepared an appraisal report had been declined because Wertz had indicated in her report “declining” market conditions. Richter insisted that Wertz change her appraisal report to indicate “stable” market conditions so that the loan could be approved.
Again, click on the above link for the full article.
Click here to read about NY AG Cuomo’s lawsuit against WaMu.
