The New York Attorney General’s Office has announced reaching a settlement with CoreLogic, as successor to eAppraiseIT, over the 2007 lawsuit filed against eAppraiseIT by then-Attorney General Cuomo. This was the case, of course, that led to the HVCC with Fannie Mae and Freddie Mac. It also put the AMC Read more…
Judge Carter ruled yesterday on eAppraiseIT’s motions attacking the FDIC’s First Amended Complaint in the lawsuit filed by the FDIC against CoreLogic/eAppraiseIT and their various affiliates on May 9, 2011. eAppraiseIT’s Motion to Dismiss Count I — Breach of Contract Relating to Appraisals Delivered Prior to Signing of Formal Written Read more…
One year ago, we offered 11 Predictions for AMC Liability Risks in 2011. Being at the end of the year, it’s time for self-assessment. How did we do on our predictions? It’s important because when we do a good job at our company (LIA Administrators & Insurance Services) in understanding Read more…
In March of this year, the FDIC sued Washington Mutual’s former CEO Kerry Killinger, its former chief operating officer Stephen Rotella and its former head of residential lending David Schneider for $900 million in alleged damages resulting from their “gross negligence” in running WaMu’s residential lending business. The FDIC claimed Read more…
In the wake of Judge Carter’s order granting motions to dismiss the FDIC’s gross negligence and alter ego-type claims against LSI Appraisal and CoreLogic Valuation Services, the FDIC has filed first amended complaints against the appraisal management companies in each case. It also has reserved the right to later appeal Read more…
In an opinion published today concerning the 2007 lawsuit filed by then Attorney General Cuomo against First American Corporation and its former appraisal management company eAppraiseIT, New York state’s highest court — its Court of Appeals — has ruled that the trial court properly denied eAppraiseIT’s motion to dismiss. In Read more…
Caption of 11-14-11 Order In a November 14 ruling in the FDIC’s lawsuit against CoreLogic and its various subsidiaries, Judge Carter dismissed the FDIC’s gross negligence claim (with leave for the FDIC to amend) based on the economic loss rule for the same reasons he previously dismissed the FDIC’s similar Read more…
(Update — Judge Carter granted, in part, CoreLogic’s similar motion to dismiss on 11/14/11. See post here.) As reported in prior posts, the FDIC, as receiver for failed lender Washington Mutual, sued appraisal management company LSI Appraisal and its corporate parent Lender Processing Services for breach of contract and gross Read more…
Today, four years after New York’s then Attorney General Cuomo filed his state’s lawsuit against First American eAppraiseIT (now part of CoreLogic), the New York Court of Appeals (the state’s highest court) heard eAppraiseIT’s appeal of the trial court’s denial of its motion to dismiss. eAppraiseIT’s argument on appeal, as Read more…
The FDIC is now contending that independent contractor appraisers are the legal agents of appraisal management companies (AMCs) in both of its cases against LSI Appraisal and CoreLogic. Based on this contention, the FDIC asserts that the AMCs should be liable for all damages attributable to the alleged negligence of Read more…