FirstAm Blasts Cuomo Suit

The lawsuit by New York Attorney General Andrew Cuomo alleging collusion to inflate mortgage appraisals between First American Corp., its subsidiary eAppraiseIT, and Washington Mutual has no basis in fact or law, First American said in a statement issued Nov. 1."We are dismayed by any impact these specious allegations may have on our company, on our many employees, and on our valued customer, Washington Mutual," First American said. "The Attorney General's allegations, largely based on a handful of e-mails that have been taken out of context, or mischaracterized, and an incomplete review of the facts, belie our record of compliance with applicable law." The program challenged by the attorney general "has been vetted and approved by the federal regulator responsible for oversight of such programs," the company said. First American said it will demonstrate to the court "the appropriateness of our appraisal practices in the state of New York, and we will vigorously defend the reputation of Washington Mutual and the reputation we have labored more than 100 years to build." First American can be found online at http://www.firstam.com.