New York Attorney General Andrew Cuomo announced a lawsuit against real estate appraisal company eAppraiseIT on Thursday, blaming it for helping "set the current mortgage crisis in motion." He accused the company of caving in to pressure from Washington Mutual, one of the nation's largest savings and loan companies, to use a list of "proven appraisers" who he claims inflated home appraisals. The lawsuit seeks to stop the practice, recover profits and assess penalties.
November 01, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
New York Attorney General Andrew Cuomo said Thursday a major real estate appraisal company colluded with the nation’s largest savings and loan companies to inflate the values of homes, contributing to the subprime mortgage crisis.
“This is a case we believe is indicative of an industrywide problem,” Cuomo said in a news conference.
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