Valuation scam "contributed to US loans crisis"

Posted on 4 November 2007 by Ray Boulger

1 Comment

The Guardian has reported that New York’s attorney general, Andrew Cuomo, filed a lawsuit accusing Washington Mutual, the U.S.’s third largest mortgage provider, of allegedly colluding with eAppraiseIT, an appraisal management subsidiary, i.e. a valuer, of First American Corp., to inflate valuations of homes.

As always with a major financial crisis, it always gets worse and lasts longer than most people initially expect and the longer it continue the more scams come out of the woodwork. Read the full article HERE.

Category: Mortgages, Property market

• Save to del.icio.us
• Digg this story