Fraudulent Appraisals, Part One of Many.

People who have bought houses since 2000 or so, myself included, have bought houses with phony money generated by Alan Greenspan for houses with phony valuations.

Ohio Sues Real Estate Firms for Pressuring Appraisers

By Brian Louis and Sharon L. Crenson

June 7 (Bloomberg) -- Ohio, the state with the third highest number of foreclosures, sued 10 real estate companies for improperly pressuring appraisers to inflate home values.

The companies, based in Ohio, California, Arizona and New York, set specific estimated values on properties and communicated a desired price to appraisers, according to the lawsuits filed by Attorney General Marc Dann today. In Ohio, it's illegal to influence an appraiser. Those sued include seven mortgage brokers, two lenders and an appraiser.

Foreclosure filings in Ohio jumped 135 percent in April from a year ago, pushing the state's rate to almost two times the national average, according to RealtyTrac Inc. States have opened investigations of mortgage brokers, lenders and appraisers as delinquencies rise across the U.S., led by subprime borrowers."

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