In the complaint, the plaintiffs’ lawyers contend that Credit Suisse and Cushman & Wakefield conspired by setting up a Cayman Islands branch to circumvent federal law on real estate appraisals. Credit Suisse knew the resorts would most likely default under the weight of inflated values, which would allow the bank to take ownership as agent […]

Tags: appraisal fraud, audit, Credit Suisse, disclosure, foreclosure defense, foreclosure offense, fraud, inflated values, inflation, Lender Liability, predatory lending
Posted in bubble, Corruption, Eviction, securities fraud |

Appraisal negligence and/or fraud is overlooked by many. Appraisers are usually licensed and insured. Filing a complaint with the licensing board as well as sending a demand letter to them to forward to their carrier could produce some substantial results. And remember that the originating “LENDER” supposedly has a committee or person verifying the appraisal […]

Tags: appraisal fraud, appraisals, appraiser's insurance, borrower, disclosure, foreclosure defense, foreclosure offense, fraud, Lender Liability, predatory lending, securitization
Posted in bubble, Corruption, Eviction, securities fraud |

From Mario Kenny — see comments posted to blog As we have stated repeatedly, the logistics were simple: (a) inflate the value of the mortgage backed securities with fraudulently obtained Triple AAA Ratings and (b) inflating the value of the home with fraudulent and negligent use of false comparable and ignoring time factors. The economics […]

Tags: appraisal fraud, foreclosure defense, foreclosure offense, ratings fraud
Posted in bubble, Eviction |

August 4, 2008 20 MILLION HOMES TO HAVE NEGATIVE EQUITY Housing Lenders Fear Bigger Wave of Loan Defaults By VIKAS BAJAJ The first wave of Americans to default on their home mortgages appears to be cresting, but a second, far larger one is quickly building. Homeowners with good credit are falling behind on their payments […]

Tags: appraisal fraud, Lender Liability, mortgage meltdown, negative equity, UPSIDE DOWN
Posted in Eviction |

QUESTION/COMMENT: ANSWERS IN BOLD A client in NorCal was referred to me.  She took out an 80/20 loan first and second for about $650,000 total in 2005.  She has paid over $150,000 towards interest, payments and fees. SEE APPRAISAL FRAUD, CNN ARTICLE FOR 2005, APPRAISAL FORUM SPEECH FROM 2006, RECENT POSTS. TITLE COMPANY/TRUSTEE, LENDER AND […]

Tags: appraisal fraud, bankruptcy, CMS, foreclosure defense, foreclosure offense, HOLDERS IN DUE COURSE, mortgage audit, New Century Financial Corp, TRUSTEE REPLACEMENT, Wells Fargo
Posted in Eviction |

more than 8,000 appraisers – roughly 10 percent of the industry – have signed a petition asking the federal government to take action. “There are a lot of people who have refinanced for more than their homes are actually worth and they’re effectively already upside down even without a real estate bubble bursting,” said Callahan. […]

Tags: appraisal fraud, foreclosure defense, foreclosure offense, Lender Liability, mortgage broker liability
Posted in Eviction |

“Fraud is an intentional and material misrepresentation. A faulty or even fake appraisal is at the basis of most fraudulent mortgage transactions.” Most Fraud Charges Not Investigated by Lew Sichelman October 18, 2006 A lack of enforcement at the state level is a major reason appraisals remain at the root of mortgage fraud, said panelists […]

Tags: Appraisal Foundation, appraisal fraud, foreclosure defense, Lew Sichelman, Mark Simpson of Fannie Mae, over-appraisal
Posted in Eviction |