First American sent me the following statement in response to a suit by New York Attorney General Andrew Cuomo, alleging the Santa Ana-based title insurer and one of its units conspired with Washington Mutual to inflate appraisals of home values:

“The complaint filed today by the New York Attorney General against First American and our eAppraiseIT subsidiary has no foundation in fact or law. We are dismayed by any impact these specious allegations may have on our company, on our many employees and on our valued customer, Washington Mutual. The Attorney General’s allegations, largely based on a handful of e-mails that have been taken out of context, or mischaracterized, and an incomplete review of the facts, belie our record of compliance with applicable law. The program called into question today by the Attorney General has been vetted and approved by the federal regulator responsible for oversight of such programs. We welcome the opportunity to now present all the facts before an impartial third party. In that presentation, we will demonstrate the appropriateness of our appraisal practices in the state of New York and we will vigorously defend the reputation of Washington Mutual and the reputation we have labored more than 100 years to build.”

Posted in: Company Watch • First American |

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