AMCs

Update on FDIC v. CLGX (CoreLogic — eAppraiseIT): FDIC Reiterates Threat that Appraisers Are the Legal Agents of AMCs in a Late-Filed Brief

The FDIC is now contending that independent contractor appraisers are the legal agents of appraisal management companies (AMCs) in both of its cases against LSI Appraisal and CoreLogic.  Based on this contention, the FDIC asserts that the AMCs should be liable for all damages attributable to the alleged negligence of Read more…

By Peter Christensen, ago

Update on FDIC v. LPS (LSI Appraisal): LSI Argues that AMCs Owed No Legal Duties of Care to their Clients and Appraisal Users — FDIC Argues that Appraisers Are the Legal Agents of AMCs

As was first predicted on this blog here, the FDIC, as receiver for failed lender Washington Mutual, sued appraisal management company LSI Appraisal and its corporate parent Lender Processing Services for breach of contract and gross negligence on May 9, 2011.  The lawsuit relates to hundreds of thousands of appraisals Read more…

By Peter Christensen, ago