Expatriado por la burbuja
Madmaxista
- Desde
- 22 Jun 2006
- Mensajes
- 217
- Reputación
- 14
Pongo esta corta noticia (que esta en ingles) por la relevancia que tiene ya que en USA ya ha empezado la caza de Brujas !!! A por las tasadoras !!!
Ya que aqui todo llega con retraso..... quien sabe, quizas en el 2008 empezara la caza por aqui !!!
Cuidado con las tasaciones !!!
First American's Home Appraisal Unit Sued by Cuomo (Update1)
2007-11-01 11:28 (New York)
(Adds Cuomo statement in third paragraph.)
By Sharon L. Crenson and Karen Freifeld
Nov. 1 (Bloomberg) -- First American Corp.'s eAppraiseIT
LLC, which values up to 15,000 homes a year in New York, was
sued by Attorney General Andrew Cuomo for allegedly inflating
appraisals in response to pressure from Washington Mutual Inc.
First American knew what it was doing was illegal and acted
to secure more business from the lender, Cuomo said at a news
conference in New York City today. First American spokeswoman
Carrie Gaska had no immediate comment. Washington Mutual
spokeswoman Libby Hutchinson didn't immediately return calls
seeking comment.
``The independence of the appraiser is essential to
maintaining the integrity of the mortgage industry,'' Cuomo said
in the statement. ``First American and eAppraiseIT violated that
independence when Washington Mutual strong-armed them into a
system designed to rip off homeowners and investors alike.''
First American and its appraisal unit ``signed over their
independence to Washington Mutual,'' said Eric Corngold,
executive deputy attorney general for economic justice.
States including California, Colorado, Ohio, and
Connecticut have been investigating the mortgage industry. In
June, Ohio Attorney General Marc Dann sued 10 real estate
companies for improperly pressuring appraisers to inflate home
values. Credit-rating services including Standard & Poor's have
also come under scrutiny from lawmakers and regulators for their
ratings of subprime-mortgage securities that plummeted in value.
Investigations
In March, Cuomo, 49, said he was investigating the subprime
mortgage market in response to the surge in mortgage
delinquencies. In May, he subpoenaed real estate appraisers
Mitchell, Maxwell & Jackson Inc. and eAppraiseIT, as well as the
broker Manhattan Mortgage Co.
Within a month, Cuomo subpoenaed records from Vanderbilt
Appraisal Co. LLC, which is owned Terra Holdings, a real estate
company whose principals include New York developers Arthur and
William Lie Zeckendorf.
In September, S&P and Fitch Ratings said they were
subpoenaed by Cuomo. Fitch said its subpoena demanded
information on residential mortgage-backed securities and
collateralized-debt obligations, which hold mortgage-backed
securities.
Cuomo, who took office in January, has also broadened an
investigation begun by his predecessor, Eliot Spitzer, into the
$85 billion student loan industry. The probe first focused on
conflicts of interest between lenders and schools. A dozen
lenders and 26 colleges and universities reached agreements with
Cuomo to cut financial ties and abide by a code of conduct.
The state's top law enforcement official also expanded the
student loan probe to include lenders' deceptive tactics for
direct marketing of college loans. Cuomo is also investigating
the management of New York's state's $154.5 billion pension fund
under former Comptroller Alan Hevesi.
--With reporting by Bob Ivry in New York. Editor: Mirabella
(rau)
Ya que aqui todo llega con retraso..... quien sabe, quizas en el 2008 empezara la caza por aqui !!!
Cuidado con las tasaciones !!!
First American's Home Appraisal Unit Sued by Cuomo (Update1)
2007-11-01 11:28 (New York)
(Adds Cuomo statement in third paragraph.)
By Sharon L. Crenson and Karen Freifeld
Nov. 1 (Bloomberg) -- First American Corp.'s eAppraiseIT
LLC, which values up to 15,000 homes a year in New York, was
sued by Attorney General Andrew Cuomo for allegedly inflating
appraisals in response to pressure from Washington Mutual Inc.
First American knew what it was doing was illegal and acted
to secure more business from the lender, Cuomo said at a news
conference in New York City today. First American spokeswoman
Carrie Gaska had no immediate comment. Washington Mutual
spokeswoman Libby Hutchinson didn't immediately return calls
seeking comment.
``The independence of the appraiser is essential to
maintaining the integrity of the mortgage industry,'' Cuomo said
in the statement. ``First American and eAppraiseIT violated that
independence when Washington Mutual strong-armed them into a
system designed to rip off homeowners and investors alike.''
First American and its appraisal unit ``signed over their
independence to Washington Mutual,'' said Eric Corngold,
executive deputy attorney general for economic justice.
States including California, Colorado, Ohio, and
Connecticut have been investigating the mortgage industry. In
June, Ohio Attorney General Marc Dann sued 10 real estate
companies for improperly pressuring appraisers to inflate home
values. Credit-rating services including Standard & Poor's have
also come under scrutiny from lawmakers and regulators for their
ratings of subprime-mortgage securities that plummeted in value.
Investigations
In March, Cuomo, 49, said he was investigating the subprime
mortgage market in response to the surge in mortgage
delinquencies. In May, he subpoenaed real estate appraisers
Mitchell, Maxwell & Jackson Inc. and eAppraiseIT, as well as the
broker Manhattan Mortgage Co.
Within a month, Cuomo subpoenaed records from Vanderbilt
Appraisal Co. LLC, which is owned Terra Holdings, a real estate
company whose principals include New York developers Arthur and
William Lie Zeckendorf.
In September, S&P and Fitch Ratings said they were
subpoenaed by Cuomo. Fitch said its subpoena demanded
information on residential mortgage-backed securities and
collateralized-debt obligations, which hold mortgage-backed
securities.
Cuomo, who took office in January, has also broadened an
investigation begun by his predecessor, Eliot Spitzer, into the
$85 billion student loan industry. The probe first focused on
conflicts of interest between lenders and schools. A dozen
lenders and 26 colleges and universities reached agreements with
Cuomo to cut financial ties and abide by a code of conduct.
The state's top law enforcement official also expanded the
student loan probe to include lenders' deceptive tactics for
direct marketing of college loans. Cuomo is also investigating
the management of New York's state's $154.5 billion pension fund
under former Comptroller Alan Hevesi.
--With reporting by Bob Ivry in New York. Editor: Mirabella
(rau)
