NY, FirstAM & WaMu article

[CANative]

I don't know why everyone is up in arms. They were just trying to help these poor people out*





*of their homes.

 

[George Hatch]

I dunno about the allegations against WaMu forcing their AMC into it. I would have thought the majority of the weakest loans they made were completed prior to WaMu going to the AMCs, which was in mid-2006.

The thing we should find most encouraging is the use of the term "appraiser independence" in this press release and the apparent recognition that compromises to that independence have negative results.

We tried to draw attention to the cause of these industry-wide problems well in advance of the effects showing up. I think those efforts are starting to pay off.

 

[Tom Barclay]

I'm laughing and crying at the same time!
One of the threads taken down from here is where just before eAppraiseIT filed suit against me I wrote that I had sent everything I had to the NY AG.

Celebration time!!!

:new_multi: :new_multi: :new_multi:

Incredible news, I'm sure it helps any counter suit you can/will make against them. Thanks again for your position on this on behalf of all of us.

 

[Scott Kibler]

OMG!!!! I am not surprised about Eappraiseit but I am genuinely shocked about WAMU. Why, I don't know, but I am...

I ain't surprised in the least.

 

[deturner]

Cuomo said he is suing eAppraiseIT

http://tinyurl.com/388b74

"accusing the First American Corp. (Charts, Fortune 500) subsidiary of caving in to pressure from Washington Mutual Inc. "

Just received this in my email

DaveT in NC

 

[Joyce Potts]

This is GREAT news, but there is more to come and don't forget who has deep pockets in this dog fight.

http://www.bloomberg.com/apps/news?pid=20601206&sid=auHkVFi4TAJ4&refer=realestate

``We vehemently disagree with his characterization of the facts,'' Kenneth DeGiorgio, First American's general counsel, said in a conference call with analysts. ``We're confident that once we've had the opportunity to set forth our response before an impartial arbiter, our activities will be found to be appropriate.'' Washington Mutual spokeswoman Libby Hutchinson didn't immediately return calls seeking comment.

If there was EVER a time for the appraisers to band together, it's now. Anyone who has ever been pressured or experienced any of the allegations set forth that involve the named defendants, now is the time to send a letter and any evidence of your experiences to both the NY State AG's office AND Pam Crowley.

Stop being afraid of any short term work loss people and look at the long term benefits this might have on the appraisal industry.

 

[CANative]

After several weird incidents involving borrowers stating that had to call me back before they could accept the property inspection appointment I learned that WaMu loan reps were instructing them to check back with them and tell them the name of the appriaser that called. If they didn't like the name they would cancel the assignment. I was mad enough to call the loan rep and it was the branch manager of a local WaMu shop. He told me that it was their "policy" (although he didn't use that exact word.)

For a couple of years I've told anyone who would listen at eApe that they were going to get sued eventually.

 

[Marcia Langley]

This is the one to watch. He is the only one I know of that seems to be going after the major suppliers instead of the street punk pushers.

Is this all part of that investigation he started earlier this year that included confiscating all the files of that really big appraisal firm in New York?

 

[Terrel L. Shields]

I am genuinely shocked

I'm aghast...even more gassed than I was New Years...

You can email specifics to the reporters on the story in the Bloomberg link. I recommend you do so if you have a "Wamu/Eppraisit" story.

 

[Lost Cause]

It's A Wonderful Day In The Neighborhood

Oh yeah...

Have at 'em Mr. Cuomo!
***************