California Real Estate Fraud Report

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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.


© Copyright 2007-2018 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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