The mortgage crisis is leading to lenders cracking down on pursuing brokers, real estate agents and appraisers for fraud. Specifically, banks are going after appraisers that artificially inflated the fair market value of homes, inducing lenders to lend more money than they otherwise would be willing to lend. In a recent case in Schenectady County, a lender is seeking approximately $420,000 in damages against an appraiser for mortgage fraud. The appraiser allegedly owned the properties and prepared the appraisal on his own properties, overstating the value and asking a colleague to sign them.
The New York Attorney General's office has been investigating mortgage fraud and recently came to an agreement with Fannie Mae and Freddie Mac whereby they agreed to only buy loans from lenders that adhered to the Home Valuation Protection Code. The Home Valuation Protection Code, among other things, requires lenders to choose appraisers from a list of approved appriasers. A copy of the Code can be found on the New York Attorney General's website at
http://www.oag.state.ny.us/press/2008/mar/Code%20Final%203-2.pdf
The New York Attorney General's office has been investigating mortgage fraud and recently came to an agreement with Fannie Mae and Freddie Mac whereby they agreed to only buy loans from lenders that adhered to the Home Valuation Protection Code. The Home Valuation Protection Code, among other things, requires lenders to choose appraisers from a list of approved appriasers. A copy of the Code can be found on the New York Attorney General's website at
http://www.oag.state.ny.us/press/2008/mar/Code%20Final%203-2.pdf
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