NY, FirstAM & WaMu article

[Michael Tipton]

Catch the little guy and have him turn on the big guy.

It looks like its the OJ prosecution all over,,,

I can only hope Rels and Landsafe are next in line,,

To bad Georgia's AG has no balls

Why not contact Georgia's Governor? I am waiting to see if Governor Crist (FL) responds to my e-mail regarding the NY suit.

 

[Moon Pie]

Me too!

Why not contact Georgia's Governor? I am waiting to see if Governor Crist (FL) responds to my e-mail regarding the NY suit.

I also forwarded an email the Govenor Crist regarding. Everyone who is an appraiser in Florida should. :new_multi:

 

[Ms. Janet]

I do laugh at so many on the forum thinking that WaMu appraisers are all crooks. I am sure there are some, especially the ones that were getting had picked. But, I can assure you that here in TX, WaMu did not operate that way before the demise of the appraisal department.

Me too. If you worked under the WAMU appraisal manager we had in my part of Florida (before theswitch to AMC's), you were not only banned from speaking to the loan consultants, you were requested to turn in emails and phone calls from them if they tried to contact you. Zero tolerance.

 

[robert higgins]

Hmm were to start, the spin on this as I read via news websites is that E come out looking like just another large appraisal shop doing wrong while the big bank is the victim of the appraisal firm’s wrong doing, which in the end makes us (appraisers in whole) look bad.

As I see it, it is just another day in the appraisal business, lender putting pressure one the shoulders of the appraiser to make value and the appraiser given in so they can get work and feed their family. I mean, come on, just change the names of the people in the suite and you can see any of us in that place. Joeblow Appraisals overvalue properties by give in to mortgage broker demands. Put any spin on it, presure on the AMC via Bank, Appraiser via AMC, Appraiser via Loan Officer, Appriaser via Home Owner, Appriaser via RE Agent, it comes out the same, pressure from the money makers to the appraiser.

The heart of Denis’s post #123 is what we should be pressing for, “Here is the significance as I see it: If this case starts and stops with EappraiseIT, then not much will change. If, however, the federal regulators become involved and review the situation and determine that lenders are not overseeing (due diligence) their third-party vendors appropriately, then a lot will change. And that "lot" will be positive change.”

IMHO, if the federal regulators do not get involved to stop it (pressure) where it is starting from, then is just another day in the appraisal world and nothing will change.

 

[Francois K. Gregoire]

Why not contact Georgia's Governor? I am waiting to see if Governor Crist (FL) responds to my e-mail regarding the NY suit.

Try Attorney General, Bill McCollum.

ag.mccollum@myfloridalegal.com

Copies of the NY AG Press Release, links to the emails and the complaint have already been forwarded to my contacts in state government. At this point, they're all sitting on their hands. sigh

 

[dobie]

Has anybody posted these yet? These are the e-mails.

http://abcnews.go.com/images/Blotter/AG_email_excerpts_1Nov2007.pdf

 

[Moon Pie]

Me too. If you worked under the WAMU appraisal manager we had in my part of Florida (before theswitch to AMC's), you were not only banned from speaking to the loan consultants, you were requested to turn in emails and phone calls from them if they tried to contact you. Zero tolerance.

Yes... they were great BEFORE THE AMC switch.

I loved working with WaMu they had an excellent knowledgeable appraisal staff. Too bad they fired them all... wonder if that is where all the internal emails came from.

Now who is going to handle the influx of work. They have fired all those ethical honest appraisers who were telling them real values. Not what the LO wanted and needed.:Eyecrazy:

 

[Renee Healion]

It bugs me to hear some news accounts refer to eAppraiseIt as "an appraiser" or an "appraisal company". The judge in Pam's case viewed them as appraisal assignment brokers.

What keeps coming back to me since I read it is the 'consciousness of guilt' moment in the email of the AMC officer. It was exactly what he knew it to be, and what Robert writes about above--the guy knew it and he rolled anyway. The scale is different from one appraiser confronted with pressure like any of us, but that is the only difference. He rolled, and anyone, not just us, can see it for what it is.

 

[KD247]

The idea might be to work the weakest link and offer a plea bargain in exchange for cooperating with the bigger fish.

I'm not sure if a public entity would use the same strategy, but it's typical for plaintiff's lawyers to use the settlement from a minor party to fund the suit on the riskier larger action.

 

[Lost Cause]

I still say Cuomo's strategy is to leave WaMu to the tender mercies of the damaged parties. How long until Bear Stearns, Merrill Lynch, et al file suits against WaMu?

After those boys are done with WaMu, what's left of it will probably be merged into some other healthier bank.
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