NY, FirstAM & WaMu article

[Mike Phillips]

Doesn't eappraiseit have some kind of insurance covering the appraisals they provide to WAMU? Isn't that why they weren't all that concerned about appraisal quality?

So are you saying they knowingly led borrowers, investors and the taxpayers into harm's way and their justification for same was that their client was protected by an insurance policy?

 

[Michael Tipton]

Or they bury you with nothing but review assignments.

It makes me wonder how they were able to assemble a panel of value-hitters. Did they come up with a scoring system for appraisers? Maybe they let the WAMU people pick their favorites?

I was an appraisal vendor for WaMu prior to their decision to close their appraisal division. When LSI set up their WaMu appraiser panel, you only had to be on the appraiser vendor panel with the former WaMu appraisal operation/division. eAppraiseIT wanted a referral from a WaMu loan production rep or loan production office to be added to their WaMu panel.

 

[Workbox]

Who else is involved with First AM?......................also, I guess all those free lunches didn't pan out.

 

[jeanwillick]

Quote: "The independence of the appraiser is essential to maintaining the integrity of the mortgage industry. First American and eAppraiseIT violated that independence when Washington Mutual strong-armed them into a system designed to rip off homeowners and investors alike," said Cuomo in a statement.


The key to his statement is "rip off homeowner and INVESTORS alike. If big time investors and hedge funds and other money instruments weren't hurt by all this fall out, does anyone seriously believe any of this would happen? The big guys want some justice and hopefully it will trickle down to us little people who have been doing all the bit**ing for years. No one would listen when we said "the sky was falling." But, now these chickens have come home to roost.

The big investors have got to be hit "big time" in the pocket before anyone will really listen and this is apparently (hopefully) what has begun. While everyone was filling their pockets, no one really cared.

 

[Ms. Janet]

So are you saying they knowingly led borrowers, investors and the taxpayers into harm's way and their justification for same was that their client was protected by an insurance policy?

Nope, didn't say that at all. Just asked the question.

 

[Michael Tipton]

Who else is involved with First AM?......................also, I guess all those free lunches didn't pan out.

Citigroup (Finiti) and Wells Fargo (Rels) have AMC joint ventures with FirstAm.

 

[Pamela Crowley (Florida)]

First Am "Quantrix" for Chase.

 

[Laura Goldware]

How many WAMU/eappraiseit appraisers are lurking on this forum now?????

Be afraid, be very afraid.

First American should have cleaned house months ago.

Pam, thank you for what you have done and the countless hours you have dedicated to our cause.

It's working.

Sincerely,

Laura

 

[Lost Cause]

Christmas Comes Early.

...And Andrew Cuomo is playing Santa for RE Appraisers this year.

E-mails also show that executives at eAppraiseIT knew their behavior was illegal, but intentionally broke the law to secure future business with WaMu, the attorney general said in a statement.

I just like seeing this so much, I had to post it again. I hope they don't settle so that we can have a peek at those incriminating emails.

 

[Toni Boyd]

JH Harriman

Go back into this thread and click on all the links for the artilcles. I just did that and in one of the articles there was a link to read the e-mails. Sorry can't remember which one it was I just read all of them.