New York Attorney General Andrew Cuomo is planning to file more lawsuits related to problems associated with lender pressuring of appraisers, but he is also preparing to take other legal actions that highlight another "systemic, industrywide" problem next week."We will begin other cases that make other points on systemic frauds within the housing arena," Mr. Cuomo said at a news conference in Washington, where he endorsed a bill to reform appraisal and servicing practices. The New York AG recently filed a lawsuit against First American Corp. and its appraisal management company for allegedly succumbing to pressure to change valuations. He stressed that his office pursued the First American case because it provides the "most graphic illustration of this issue" and that it cannot be dismissed as an isolated case. WaMu has said it was "surprised and disappointed by the allegations in the complaint related to [First American's] eAppraiseIT unit" and has suspended its business relationship with eAppraiseIT "until we can further investigate the situation." First American has said it believes the allegations have no basis in fact or law and that the program challenged by the attorney general "has been vetted and approved by the federal regulator responsible for oversight of such programs."
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Christopher J. Gallo and his aide, Mehmet A. Elmas, allegedly withheld information in mortgage applications, hiding that borrowers were purchasing second home properties.
51m ago -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
3h ago -
Independent mortgage bankers lost the most money ever on every loan originated last year due to higher rates and lower volumes, an industry trade group said.
3h ago -
While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
5h ago -
The massive mortgage business saw a first quarter profit mitigated by nearly $300 million in hedging losses.
April 24 -
The Consumer Financial Protection Bureau has seen excessive property-inspection charges, fees that loan mods should eliminate and improper line-item labels.
April 24