California Real Estate Fraud Report

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03
Nov

Appraisers Lose Out as AppraisalLoft CEO Agrees to Settle Ponzi Scheme

Appraisers all across the country are being stiffed out of their fees, as the company that ordered them to perform appraisals has ceased operations after its CEO settled with the Securities and Exchange Commission (SEC) for his involvement in a $35 million Ponzi scheme.

Aman Makkar, the CEO of AppraisalLoft, said he is merging his company with another and that his company’s debts will be paid once the merger is complete. Some appraisers are owed as much as $5,500 for their services.

AppraisalLoft was a middle-man that took orders from banks to have appraisals performed on properties. The Home Valuation Code of Conduct (HVCC), which was the brainchild of former New York Attorney General Andrew Cuomo, was supposed to stop collusion between banks and appraisers to fix prices on home appraisals by introducing intermediaries. Most real estate professionals have concluded that the HVCC has been a disaster and among other outcomes, resulted in lower fees to appraisers, the difference going to the intermediaries.

Read the original article in SignOn San Diego.

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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