Another suit naming eAppraiseIT & LSI

[Financially Feasible]

Retain Denny Crane, he wraps up cases fast cause he
has Mad Cow disease.

Elliott - here's my advice: have Allan Shore first chair the suit... but have Denny Crane do the close. He'll give his surefire, two-word close: (see my signature for the answer :icon_mrgreen: ).

 

[DTB]

Should that sort of thing start to occur, we could well see clients opting to to try to get legislation changed to allow them to assess collateral without an appraiser involved at all. Most of you would not like to see loans being based solely upon an AVM or BPO or the like.



Brad

In this environment it's laughable to think that idea will get ANY traction.

 

[Mandi Koss]

Mortgage giant WaMu accused of appraisal fraud

http://money.cnn.com/2008/01/17/real_estate/wamu_lawsuit.moneymag/index.htm?postversion=2008011712

This is on front of CNN's business page.

 

[VolcanoLvr]

WaMu sued by appraiser-blacklist alleged

http://money.cnn.com/2008/01/17/real_estate/wamu_lawsuit.moneymag/

 

[Lawrence R.]

A phrase to come to grips with.

Restraint of free trade. It isn't that anyone HAS to use you...but if a client(or type of client) holds a large enough portion of a particular industry's business, that they can exert pressure on you by holding future employment ransom, and threaten to put you on a list that would also preclude you from doing business with entities like you (MARI), then they are in restraint of free trade.

That was against the law long before USPAP. The name La Guardia rings a bell....

 

[Elliott]

How quick 'relationships' can change....

"Wertz has her own company. She says she appraised properties for WaMu for over six years, regularly getting three orders from the bank a day. In 2006, WaMu told her she held the status of "preferred real estate vendor," because the bank had used her in the past, and her work was "proven," according to the lawsuit."

 

[Lloyd Bonafide]

http://money.cnn.com/2008/01/17/real_estate/wamu_lawsuit.moneymag/index.htm?postversion=2008011712

When Wertz refused to comply, she claims the sales manager threatened to block her from doing future appraisal work for the bank. A month later, Wertz's suit says, a third-party appraisal request assigner told her WaMu would no longer accept her work.

Is this true, that Jennifer not only didn't get work from WaMu's AMC, but she was blacklisted from WaMu completely? Could independent brokers use her for a WaMu loan?

She might have a really strong case. It's pretty hard for an established appraiser to go from one of their preferred appraisers, to being blacklisted completely. I hope she has an emails from the bank supporting her case. Even if she doesn't, the WaMu sales rep will have to tell the truth in a deposition, right? :laugh:

At any rate, it's more bad publicity for WaMu. The secondary market must be taking a very hard look at their loans now.

 

[Pamela Crowley (Florida)]

IMO, which is not as a legal professional, she does have a very strong case.

 

[Lawrence R.]

How quick 'relationships' can change....

"Wertz has her own company. She says she appraised properties for WaMu for over six years, regularly getting three orders from the bank a day. In 2006, WaMu told her she held the status of "preferred real estate vendor," because the bank had used her in the past, and her work was "proven," according to the lawsuit."

This is beyond the pale...do we really need a 4th thread about this so somebody can make some snarky comment about 3 appraisals a day.

Maybe she has 20 other licensed appraisers in HER OWN COMPANY.

How's that for picking a choosing what to highlight?

 

[Workbox]

IMO, which is not as a legal professional, she does have a very strong case.

The truth is, there are hundreds of appraisers with similar stories. It almost happen to me, when the LO wanted me ousted from the list, but the AMC had more confidence in me than the LO. At the end, they went BK.