California Real Estate Fraud Report

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Attorney General Cuomo Lays Down the Law

After threatening to sue if they did not cooperate, New York Attorney General Andrew M. Cuomo has announced an agreement between his office and Freddie Mac and Fannie Mae  that would require the two largest purchasers of home loans to buy home mortgages solely from lenders that meet tough new standards designed to protect home purchasers by ensuring the independence and accuracy of home appraisals.

Besides Fannie Mae and Freddie Mac, the new agreement also includes the Office of Federal Housing Enterprise Oversight (OFHEO) and will cause the creation of an independent organization whose function will be to implement and monitor the new appraisal standards.

The most important rule coming out of the “New Home Valuation Protection Code,” will be code which prohibits mortgage brokers, banks and other lenders from selecting appraisers, especially in-house appraisers, who work for appraisal firms either owned or controlled by the lender. Appraisers who believe their independence is being compromised will have the ability to file complaints with the new institute and to be protected from retaliation from lenders.

Read the Full Article in the Mortgage News Daily

© 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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