Appraisal Co. Slams FDIC Suit Over WMI Losses

Law360, New York (August 2, 2011, 2:07 PM EDT) -- A loan appraisal company asked a California federal judge Monday to dismiss the Federal Deposit Insurance Corp.'s $129 million lawsuit alleging the company caused bankrupt Washington Mutual Inc. to suffer losses on bad mortgage loans, saying the FDIC had "overreached."

"FDIC has taken what is at its core a very limited breach of contract claim against Corelogic Valuation Services LLC ... and twisted it into an alleged tort of gross negligence against a host of companies that purportedly are or were related to" Corelogic, the company...
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