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A federal judge dismissed appraisal negligence claims the Federal Deposit Insurance Corp. (FDIC) brought against Lender Processing Services (LPS) for allegedly mishandled appraisals done for Washington Mutual Bank. But the firm is still on the hook for breach of contract allegations. « HousingWire
Appraisers hired by now defunct San Diego-based AppraiserLoft are owed more than $3 million for property valuations they invoiced, but didn't get paid for, according to two people familiar with internal operations at the appraisal management company. « HousingWire
Former Lend America president, Michael Primeau, has been suspended by the Department of Housing and Urban Development from doing any business with the department, upon his admission to a wide-scale mortgage fraud scheme.
Hundreds of millions of dollars are at stake in the latest legal battle over the collapse into bankruptcy of the Lake Las Vegas community. - VEGAS INC | Sunday, Sept. 25, 2011 | 4:20 p.m.
Appraiser Law Blog: 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
The CEO, Bill Emerson,of Quicken Loans Inc., says a West Virginia circuit court judge's decision to award one of its former customers $2 million in punitive damages "made absolutely no sense."

In this case, the company points to the actual appraisal. "It was inaccurate, not a good estimate," Lusk said. "And it caused us to lend her too much money." | West Virginia Record
Appraisers already assume a certain amount of liability over valuation issues, of course. Any time they release a valuation they certify to its integrity, so they already shoulder liability if someone thinks the numbers are misleading. The AMC indemnification issue goes beyond this by expanding the appraiser’s liability to anything that the AMC would be liable for. By Robert Freedman, Senior Edit
After a few weeks of discussion about the controversial Wall Street Journal article titled: “Judgment Call: Appraisals Weigh Down Housing Sales.”

An editor (WSJ Editor) has posted a forum poll asking the question;” What’s been your experience with home appraisals?” As of this posting, there were 302 votes with the distribution of; TO LOW – 139 Votes (46%), TOO HIGH – 43 votes (14.2 %), GENE
An Aug. 12 story in The Wall Street Journal — Judgment Call: Appraisals Weigh Down Housing Sales — has left the appraisal industry furious, especially appraisal management companies.

Worse yet, a perceived lack of deference by the Journal's editors for industry concerns towards alleged inaccuracies in the original story is only adding fuel to the fire.
« HousingWire
The Appraisal Foundation has released a free video on its web site entitled; "A Preview of Changes to the 2012-13 Uniform Standards of Professional Appraisal Practice (USPAP)." Click through the title link to be directed to the video and slide presentation.
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