California Real Estate Fraud Report

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24
May

Did Andrew Cuomo Help Himself at the Expense of Consumers?

New York State Attorney General Andrew Cuomo made headlines last year when he began an investigation into now-defunct Washington Mutual Bank’s – aka WaMu – unholy relationship with eAppraiseIT. eAppraiseIT is a subsidiary of title company First American Corporation and its primary source of appraisal work was from WaMu. Cuomo alleged that WaMu essentially blackmailed eAppraiseIT by threatening to take its appraisal business away if the appraising firm didn’t pump up appraisal values so that WaMu loan officers could collect higher commissions on subprime loans it underwrote. And WaMu executives in turn were “rewarded” with higher bonuses.

Now Cuomo is letting the very scoundrels he investigated off the hook, and closing his investigation of them, in exchange for getting the FHA (Federal Housing Financing Agency), FNMA (Fannie Mae) and FMAC (Freddie Mac) to agree to changes in the way appraisals are now performed.

Read about how Cuomo might be adding himself to the list of authorities who are hurting consumers more than helping them with this sweetheart deal:

Examiner.com and Philly.com

Read the original article about Cuomo’s lawsuit and a civil lawsuit filed by appraiser Jennifer Wertz and attorney Stephen Danz in the California Real Estate Fraud Report.

© Copyright 2007-2017 Monique Bryher

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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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