Believe it or not, cases are still being litigated in relation to events during the mortgage meltdown years. After nearly seven years of litigation, a settlement has been reached in the borrower class action filed in 2013 regarding appraisals managed by defendant LandSafe Appraisal Services between January 1, 2003 and Read more…
A consumer class action complaint has been filed against a lender and its AMC relating to the subject matter of a prior CFPB investigation and settlement. Last August, the Consumer Financial Protection Bureau (CFPB) announced that it had taken action against Amerisave Mortgage Corporation, its affiliated AMC Novo Appraisal Management Company, and one Read more…
[Please note the author has no involvement with this case, other than reporting about it here. If you have questions about the case, please direct them to the attorneys representing the plaintiff, for whom contact information from the complaint is provided below.] On December 2, 2013, three law firms in New Read more…
Update note 8/14/12: this case, particularly the plaintiffs’ attempt to create a defendant class of appraisers, presents significant new liability issues for appraisal management and appraisers. I will address the liability issues in this case and in other current AMC litigation (including the FDIC’s actions against two national AMCs) in Read more…
The FDIC has joined the fray of mortgage backed securities (MBS) litigation as a plaintiff. In one of several MBS-related legal actions, the FDIC recently sued Countrywide Financial and Bank of America in connection with poorly performing MBS held by failed Security Savings Bank. The FDIC filed this particular lawsuit Read more…
To follow up our comprehensive 50-state chart regarding statutes of limitations pertaining to claims against appraisers, we have compiled, summarized and linked to 16 cases from 12 states involving statute of limitations issues in lawsuits filed against appraisers and AMCs. For appraisers registered with READI, the table of cases can Read more…
Judge Carter ruled yesterday on eAppraiseIT’s motions attacking the FDIC’s First Amended Complaint in the lawsuit filed by the FDIC against CoreLogic/eAppraiseIT and their various affiliates on May 9, 2011. eAppraiseIT’s Motion to Dismiss Count I — Breach of Contract Relating to Appraisals Delivered Prior to Signing of Formal Written Read more…
In March of this year, the FDIC sued Washington Mutual’s former CEO Kerry Killinger, its former chief operating officer Stephen Rotella and its former head of residential lending David Schneider for $900 million in alleged damages resulting from their “gross negligence” in running WaMu’s residential lending business. The FDIC claimed Read more…
In the wake of Judge Carter’s order granting motions to dismiss the FDIC’s gross negligence and alter ego-type claims against LSI Appraisal and CoreLogic Valuation Services, the FDIC has filed first amended complaints against the appraisal management companies in each case. It also has reserved the right to later appeal Read more…
In an opinion published today concerning the 2007 lawsuit filed by then Attorney General Cuomo against First American Corporation and its former appraisal management company eAppraiseIT, New York state’s highest court — its Court of Appeals — has ruled that the trial court properly denied eAppraiseIT’s motion to dismiss. In Read more…