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Two appraisers were sued by two dozen plaintiffs over a mountain-view real estate development in McDowell County that failed when the developer went bankrupt. In the ruling, the Business Court clarified several outstanding legal issues that will benefit North Carolina appraisers in future cases.
The banks and mortgage lenders are putting the screws to appraisers and forcing them to use market data that isn’t the best data to be used for accuracy but is the best data to use to monkey with the value of the property that is supported by that bank or mortgage lender’s mortgage. It’s happening so often they’ve even got a nickname for this con job: it’s called “FRAFing,” for “field review ap
(Source: FBI) - CHARLESTON, WV—A former West Virginia licensed real estate appraiser was sentenced today to one year and six months in federal prison for
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.
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
Mortgage fraud perpetrators include licensed/registered and non-licensed/registered mortgage brokers, lenders, appraisers, underwriters, accountants, real estate agents, settlement attorneys, land developers, investors, builders, bank account representatives, and trust account representatives.

Analysis of available law enforcement and industry data indicates the top states for known or suspec
Regulators closed the doors on three lending institutions over the weekend; two in Florida and one in Colorado. This latest round of closings brings the number of names on the FDIC
Real Estate Guru, Ozzie Jurock flies high in the development world. Now, dozens of buyers of B.C. condo units claim Jurock steered them into money-losing investments in problem-plagued complexes owned by Jurock and his partners. Jurock and two partners are facing legal actions alleging they failed to inform investors about costly deficiencies in the buildings.
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