Wednesday, May 23, 2007

NY AG Investigating Mortgage Fraud; Focus On Illegal Pressure On Appraisers is reporting:>
  • "New York Attorney General Andrew Cuomo issued a subpoena to the real estate appraisal unit of First American Corp. in his investigation of whether mortgage brokers pressured appraisers to inflate property values."

The unit, eAppraiseIT LLC, reportedly appraises up to 15,000 homes a year in New York. For more, see New York Subpoenas First American Appraisal Unit.

For story update, see First American Issued Phony Appraisals, Charges NY AG; Execs Knew It & Did It Anyway, Says Suit.

Go here for other posts on the NY AG's investigation of First American / eAppraiseIT.