LexisNexis® Legal Newsroom
James M. Wilson Jr. Discusses the Recent Disclosures By Fannie Mae and Freddie Mac of Losses Attributable to Sub-Prime Mortgages, and Allegations of Collusion to Inflate Appraisals

It now appears that the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Mortgage Corporation ("Freddie Mac") are subject to the same kind of bruising losses afflicting other large financial institutions as a result of sub-prime mortgage-related...

Judge Finds Flaws in Minnesota Retail Mall Appraisals

In the past several years, Judge Sheryl Ramstad has decided no less than seven cases in favor of government. Not only did those cases go against the taxpayer - Judge Ramstad actually increased the assessment to values higher than were estimated by assessors! Most were decided on her own application...

Appraiser Independence —Observations on the CFPB’s Interim Final Rule (And What the Heck Do They Do With Those Appraiser Regulatory Fees Anyway?)

By Dennis Scardilli, Esq., MAI, SCGREA 1 On December 22, 2011, the federal Consumer Financial Protection Bureau (the "Bureau" or "CFPB") issued a "Restatement of Federal Consumer Financial Law Regulations" under the Truth in Lending Act (TILA). Rulemaking authority...

Williams Mullen: Proposed Rules Published on Dodd-Frank Requirements for Appraisals for Higher-Risk Mortgage Loans

BY: EDMUND D. HARLLEE On Wednesday, September 5, 2012, the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, National Credit Union Administration, Bureau of Consumer Financial Protection (the "Bureau") and Federal Housing Finance Agency (collectively...

West Virginia Federal Court Dismisses Lender Liability Claims Rejecting Plaintiff’s Inflated Appraisal Theory

By John C. Lynch, Jason E. Manning, and Elizabeth "Liz" S. Flowers . On May 7, 2014, the United States District Court for the Southern District of West Virginia granted summary judgment in favor of a national bank on a consumer complaint that he was induced into an unconscionable loan...