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Far from the last article you’ll see on this subject from any state A.G. – not just Cuomo.

ALBANY — Subpoenas to government-sponsored lenders Fannie Mae and Freddie Mac sent another shock into the home mortgage industry. The attorney general of New York, Andrew Cuomo, said conflicts of interests are costing consumers thousands of dollars because of inflated appraisals.

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Well, it’s begun. You heard it hear first that home mortgage issue was going go national.  New York is always one of the first to jump. Watch your home state AGs for similar headlines.

Albany, N.Y. (AP) – New York Attorney General Andrew Cuomo says a major real estate appraisal company colluded with the nation’s largest savings and loan companies to inflate the values of homes,
contributing to the subprime mortgage crisis.

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Democrat A.G. Tom Miller saw an issue and got in front of it. Watch for his next step on the foreclosure front – likely pursuing lenders across the country – and look for other Dem A.G.s to pile on – regardless of whether or not there’s a problem in their state.

Iowa’s foreclosure hot line has been swamped with calls as owners of houses worth as much as $500,000 have asked for help in modifying their mortgages.Mike Thompson, executive director of the Iowa Mediation Service, said he expected that most people who called would be carrying mortgages of $70,000 to $90,000. Instead, he said the average seems to be between $120,000 and $150,000, with at least one dwelling reaching almost $500,000.

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The suit also names James Lindvall, a principal in both companies, and loan officer Catherine Campbell. It alleges they engaged in unfair and deceptive practices in making commercial loans to finance a residential property. Rowe said the transaction illustrates the kind of predatory lending that contributed to the current mortgage crisis. Lindvall didn’t return a call for comment Tuesday.

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