Tuesday, March 22, 2011

LIA's Loss Prevention Program CE Seminar in San Diego on April 21, 2011

One of our star trial lawyers Todd Stevens and I will be teaching LIA's CE seminar Loss Prevention Program for Real Estate Appraisers on April 21, 2011 in San Diego.  The host and registered course provider of this seminar is the San Diego Chapter of the Appraisal Institute. The seminar is approved for 4 hours of CE credit in CA -- OREA No. 10754C227.
My co-presenter Todd Stevens of the San Diego law firm Keeney, Waite & Stevens is a very experienced trial attorney and former president of the San Diego Bar Association.  He has recently won several jury verdicts defending our insured appraisers in civil trials in Southern California.

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Monday, March 21, 2011

LIA Loss Prevention CE Seminar near Boston on April 12, 2011

I am teaching our CE seminar Loss Prevention Program for Real Estate Appraisers on April 12, 2011 in Natick/Boston.  The host of this seminar is the Massachusetts Chapter of the Appraisal Institute.  The seminar is approved for 4 hours of CE credit in MA.  LIA is the provider and the MA course number is 11070001E. CE credit will also be available for appraisers licensed in NH and VT.

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Tuesday, March 8, 2011

Judge Rules on Commercial Appraisers' Motion to Dismiss $24 Billion Case in Idaho

This post was updated on April 13, 2011 to reflect a subsequent order by Judge Lodge accepting and rejecting certain of the magistrate judge's recommendations.  See note at the bottom for the update.

When I first saw the complaint filed by the plaintiffs in this lawsuit in federal court in Idaho about a year ago, I thought it was most remarkable for its conspiracy theories and the amount of alleged damages -- $24 billion. The complaint is a diatribe against bankers at Credit Suisse and appraisers at Cushman & Wakefield, who are alleged to have conspired to create what the plaintiffs call a "Loan to Own" scheme under which Credit Suisse, aided by inflated appraisals, purposely lent hundreds of millions to the developers of four extravagant resort communities as part of an evil plan that the developers would default and that Credit Suisse would then foreclose and obtain ownership of the resorts at below market value.  The plaintiffs in this lawsuit, however, are not the broke developers as we would usually suspect -- and they are not the appraisers' clients or anyone that the appraisers might have imagined as being intended users of their appraisal reports.  The plaintiffs are wealthy individuals who purchased homes or lots in the resorts that were master-planned by the developers to whom Credit Suisse lent development funds.

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Jailhouse Appraiser Loses Case and Appeal Against Flagstar Bank

Sometimes a court's opinion does not need any explanation to put it in context.  I've reprinted a recent California Court of Appeal unpublished opinion in full below.  It resolves the appeal of an appraiser who lost a case against Flagstar Bank.  The appraiser filed the lawsuit after being sentenced to a 10-year prison sentence for bank fraud in connection with several loans owned by Flagstar Bank.  

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