NY, FirstAM & WaMu article

[Doug Meyer]

Joyce,

Is there ever a time when you will not mischaracterize something I said?

Everything Pam has IS hearsay- unless and until it is deemed to be fact in a court of law. The only FACT we know- still- is that they added their watermark to reports since they admitted that under oath.

Whatever additional stuff Pam has cannot be disclosed yet as she herself has said.

And what I have said is that I will not believe anything just because someone else happens to say so- I need to see the proof. I have also said that if her allegations were true they would probably go under because of it as no legitimate client would want appraisals that were altered in a material way (and I do not believe adding a watermark is a material alteration).

Finally, I wonder what this has to do with altering reports? Unless that is a component of that, the most likely thing to occur if Pam's lawyers try to incorporate this is that the judge will make them prove the relevancy.

I'll add another post later so that you all can actually think this stuff through since we still have to remember who this fellow is.

Brad

Sorry Brad I totally disagree with you!! A watermark IS altering a report. No if ands or buts!!

 

[JoTetherow]

stocks

looks like he atock market may be having a significant reaction to the news.

down 382+

 

[Ross (CO)]

ten character minimum......

 

[The Dog]

WAMU SUSPENDS RELATIONSHIP W. First AMERICAN UNIT Following suit:


http://www.forbes.com/markets/feeds/afx/2007/11/01/afx4290654.html

 

[Michael Tipton]

The spin has begun.

WaMu said it has cut ties to eAppraiseIT until it can investigate the situation. "We have absolutely no incentive to have appraisers inflate home values," the mortgage lender said in a statement. "Inflated appraisals are contrary to our interests. We use third-party appraisal companies to make sure that appraisals are objective and accurate."

http://news.morningstar.com/news/Vi...FCCCF1BA-8A88-4CF2-8838-4F50EF7DA70F_univ.xml

 

[Doug Meyer]

Gee...These lenders must be awfully sensitive!!! LMAO

 

[Joyce Potts]

WAMU SUSPENDS RELATIONSHIP W. First AMERICAN UNIT Following suit:


http://www.forbes.com/markets/feeds/afx/2007/11/01/afx4290654.html

YA THINK!:new_multi: :new_multi:

 

[Bearslide]

The spin has begun.

WaMu said it has cut ties to eAppraiseIT until it can investigate the situation. "We have absolutely no incentive to have appraisers inflate home values," the mortgage lender said in a statement. "Inflated appraisals are contrary to our interests. We use third-party appraisal companies to make sure that appraisals are objective and accurate."

http://news.morningstar.com/news/Vi...FCCCF1BA-8A88-4CF2-8838-4F50EF7DA70F_univ.xml

Gosh - think a jury will buy that once the emails are brought out? I don't.........and I HOPE other lenders using other AMC's who insist on the use of certain software or the converting of appraisals to that brand of software get smart......like YESTERDAY.

 

[Lost Cause]

Spining Alright

WaMu said it has cut ties to eAppraiseIT until it can investigate the situation. "We have absolutely no incentive to have appraisers inflate home values," the mortgage lender said in a statement. "Inflated appraisals are contrary to our interests. We use third-party appraisal companies to make sure that appraisals are objective and accurate."

I guess being able to sell these sub-prime loans off to be packaged into (triple A-rated) securities is no incentive.
********************

 

[moh malekpour]

This is not a small case. This is the state of NY vs. an AMC. It is very difficult for defendant attorney to convince any juror to sympathize with the AMC when the whole nation is tired and frustrated from lenders fraud, appraisers fraud and flood of foreclosures. It is very easy for the prosecutor to draw the picture of inflating appraisal by a Skippy and make an strong case of how and why requests for inflated appraisals were applied. It is very possible that most appraisers of some foreclosed properties be suspected or accused of inflating the values and be tried.