NY, FirstAM & WaMu article

[Mike Kennedy]

I'm celebrating in between the tears of joy and relief.

Here's the direct links to the NY SG website with the press release:
http://www.oag.state.ny.us/press/2007/nov/nov1a_07.html

and the court filing:
http://www.oag.state.ny.us/press/2007/nov/EA Complaint.pdf

Kudos.

 

[Non Sequitur]

I'm sure glad I've never been on eAppraiseIts panel/list.

I'm not surprised at all. I've said it in the past: the AMCs can deny all they want, when faced with the loss of a multi-million dollar contract they will give. Lenders try to deny it but if anyone (in their eyes) kills to many deals, whether it's a staff appraiser, panel appraiser or AMC they pressure them and then fire them.

That's life in the big city.

 

[Amy Perkins]

I wonder how many good appraisers got on MARI because they checked the declining box or were unwilling to make the deal.

 

[Non Sequitur]

http://www.chron.com/disp/story.mpl/ap/fn/5265085.html


Dick Bove, an analyst with Punk Ziegel & Co., said property appraisals are always based on a number of changing factors. Wrongdoing in this case is going to be "almost impossible" to prove, he added.

Thanks for the link. I would agree but the AGs Office does have some pretty blatant e-mails. And as far as FNC's concerned, the blow to its reputation is what may kill it.

 

[Mr Rex]

I bet the folks at RELS and Landsafe among others will have a sleepless night tonight, and probably for a while. RELS was the worst for Reconsiderations (aka pressuring for higher values)

 

[Non Sequitur]

I wonder how many good appraisers got on MARI because they checked the declining box or were unwilling to make the deal.

I wonder if MARI will just blacklist eAppraiseIts/WAMUs panel? Naw...these guys played along.

 

[Brad Ellis]

Greg,

I am not doubting that what they told you is true.

We will, however, have to wait and see whether or not this case has a bleed over to Pam's case. Might or might not.

I've read the complaint and saw nothing in it to indicate a charge of report alteriing. Were I the judge in Pam's case my initial reaction would be that one has nothing to do- legally, anyway- with the other but I'd let her attorneys try to establish the relevancy. If they could not then no judge would reasonably allow this suit to be entered into evidence in Pam's case.

The internal memos cited in the suit sure look damaging to say the least.

Bradd

 

[Lost Cause]

How Do WaMu Officials Look In Stripes?

Dick Bove, an analyst with Punk Ziegel & Co., said ... Wrongdoing in this case is going to be "almost impossible" to prove...

Not too hard with these!

Sept. 27, 2006. First American's vice chairman said a Washington Mutual executive told him that cooperating could lead to more business: "If the appraisal issues are resolved and things are working well he would welcome conversations about expanding our relationship."

Feb. 22, 2007. eAppraiseIT's president told senior executives at First American: "We have agreed to roll over and just do it ..."

April 4, 2007. eAppraiseIT's executive vice president warned First American: "We as an AMC (Appraisal Management Company) need to retain our independence from the lender or it will look like collusion ... eAppraiseIT is clearly being directed who to select. The reasoning ... is bogus for many reasons including the most obvious _ the proven appraisers bring in the values."

April 17, 2007. eAppraiseIT's president told First American: "We view this as a violation of the OCC, OTS, FDIC and USPAP influencing regulation."

 

[Scott Kibler]

*****deleted*******

 

[NC Old Guy]

http://www.oag.state.ny.us/press/2007/nov/nov1a_07.html

Different link, same info. Should make Pam feel better.