California Real Estate Fraud Report

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Making Appraisal Fraud More Difficult.

The investigation into mortgage and appraisal fraud by New York Attorney General Andrew Cuomo against WaMu (see The F Word, Jan. 2008)  and other firms has yielded some positive movement against future fraud by the mortgage industry. Fannie Mae and Freddie Mac, also the focus of Cuomo’s office, agreed to cooperate with both the New York Attorney General and the Office of Federal Housing Enterprise Oversight in their quest to ensure independence in home appraisal practices. In exchange, Cuomo agreed to terminate his investigation into some of the business practices at both government lenders.

The Home Valuation Protection Code will take effect January 1, 2009. Its purpose is to prevent lenders from pressuring appraisers to inflate their estimate of properties, something that WaMu is accused by Cuomo of doing to exploit the wider profit margins of subprime loans.

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© 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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