Andrew Cuomo doing his job
I’ve been impressed with the job Andrew Cumono has done as State Attorney General so far. Here’s more evidence that he means business:
New York State Attorney General Andrew Cuomo’s office charged today in a civil lawsuit that the nation’s largest mortgage and property services corporation, its home appraisal subsidiary and the nation’s largest savings and loan giant conspired to inflate the value of home appraisals, earning higher profits for the bank but leaving homeowners holding potentially risky debt loads.
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“The independence of the appraiser is essential to maintaining the integrity of the mortgage industry. First American and eAppraiseIT violated that independence when Washington Mutual strong-armed them into a system designed to rip off homeowners and investors alike,” said Cuomo in a statement.
The strength of our financial markets comes from an assumption that there is transparency and integrity. That’s why Spitzer’s investigations of Wall Street were good for Wall Street. It’s good to see Cuomo following in Spitzer’s footsteps.
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