Thursday, February 7, 2008

Appraiser Sues Washington Mutual

Sacramento, California real estate appraiser Jennifer Wertz has sued Washington Mutual Bank, alleging that WaMu pressured her to appraise properties dishonestly. Wertz asserts that she had worked with WaMu in the past, but when she used the term "declining" to describe local property values, a WaMu manager scolded her; and threatened to ban her from all further assignments if she did not cooperate with Wamu's insistence that she describe the market in more favorable terms. Wertz refused to knuckle under to the pressure, preferring to operate within the parameters of state and federal laws as well as professional ethics. Wertz was subsequently discontinued as a WaMu associate.

Appraisers have long complained of pressure from banks to inflate property values. Florida appraiser Pamela Crowley states that "[lenders] have threatened and taken so much business away from competent and ethical appraisers who refused to play their games," supported by appraiser Gary Crabtree's assertion that pressure from lenders " 'has been endemic, industry-wide,' and is a 'significant contributing factor' in many mortgage fraud cases and foreclosures" (Los Angeles Times). Crabtree is the principal appraiser for Bakersfield's Affiliated Appraisers.

Hopefully, Wertz's lawsuit is the beginning of a large-scale reform of the mortgage and lending industry.


Read More:
LATimes.com
HeraldTribune.com
StarTribune.com
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