Comments on: WAMU Appraisal Fraud – The People of the State of New York by Andrew Cuomo, Attorney General of the State of New York, Plaintiff-Respondent, v First American Corporation, et al., Defendants https://4closurefraud.org/2010/06/09/wamu-appraisal-fraud-the-people-of-the-state-of-new-york-by-andrew-cuomo-attorney-general-of-the-state-of-new-york-plaintiff-respondent-v-first-american-corporation-et-al-defendants/ - Fighting Foreclosure Fraud BY SHARING THE KNOWLEDGE Sun, 11 Dec 2011 15:58:04 +0000 hourly 1 https://wordpress.org/?v=7.0 By: Francois Gregoire https://4closurefraud.org/2010/06/09/wamu-appraisal-fraud-the-people-of-the-state-of-new-york-by-andrew-cuomo-attorney-general-of-the-state-of-new-york-plaintiff-respondent-v-first-american-corporation-et-al-defendants/#comment-2595 Thu, 10 Jun 2010 17:54:50 +0000 https://4closurefraud.org/?p=6069#comment-2595 The investigation that prompted this suit originally included Fannie Mae and Freddie Mac. Fannie and Freddie, to avoid more scrutiny from AG Cuomo, entered into a settlement agreement now known as the Home Valuation Code of Conduct (HVCC). The HVCC, through intent, design or chance, caused most appraisal assignments to be made through the entities that have already demonstrated their inability to adhere to the standards claimed in their ads and promotional material (integrity, honesty, ensure appraiser independence, assure the client of appraiser competency).

Isn’t it interesting that First American (or Core Logic, or whatever they call themselves today) is a partner with many of the big bank owned/controlled Appraisal Management Companies?

Isn’t it also interesting that the Financial Reform Legislation passed by the US House (H.R. 47173) exempts bank owned/controlled AMCs from state regulation? It requires the federal banking regulatory agencies to develop regulations for these AMCs.

Isn’t it interesting that these very same federal banking regulatory agencies did such a bang-up job with their “close scrutiny”, “attention to detail”, and “rigorous oversight” in the boom years leading up to the current financial crisis?

The public should not trust Appraisal Management Companies and cannot trust the regulation of bank owned/controlled Appraisal Management Companies to Federal Agencies.

]]> By: Alina https://4closurefraud.org/2010/06/09/wamu-appraisal-fraud-the-people-of-the-state-of-new-york-by-andrew-cuomo-attorney-general-of-the-state-of-new-york-plaintiff-respondent-v-first-american-corporation-et-al-defendants/#comment-2586 Thu, 10 Jun 2010 01:07:50 +0000 https://4closurefraud.org/?p=6069#comment-2586 This is great new case law. Cuomo does it again. Can we clone him?

Anyway, the banks claim preemption under the National Bank Act. Not so, they do not have blanket preemption rights. For all of you where the Plaintiff claims that it does not have follow state laws such as registration, read Cuomo v. Clearing House (SCOTUS) and Rose v. Chase (9th Cir).

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