Law360, New York (May 10, 2011, 9:37 PM ET) -- The Federal Deposit Insurance Corp. sued two loan appraisal companies Monday in California federal court for more than $283 million, alleging they caused bankrupt Washington Mutual Inc. to suffer losses on bad mortgage loans because of their gross negligence.
The FDIC, which is the receiver trying to recover money for Washington Mutual in bankruptcy court, launched both suits in the Central District of California, saying subsidiaries of Lender Processing Services Inc. and Corelogic Inc. were responsible for $154.5 million and $129 million in losses, respectively....
Appraisals For WaMu Caused $283M Losses: FDIC
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