WaMu and First American accused over appraisals

The New York State Attorney General is accusing the duo of conspiring to raise property valuations. Is this the beginning of the litigation wave that many expect?

New York State Attorney General Andrew Cuomo sued property appraisal company First American and US mortgage lender Washington Mutual in November for allegedly conspiring to inflate the appraisal value of homes.

Cuomo's lawsuit alleges that appraisal management company First American eAppraiseIT bowed to pressure from Washington Mutual (WaMu) to provide inflated valuations on homes on which WaMu intended to write mortgages. "The blatant actions of First American and eAppraiseIT have contributed to

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