FDIC's $129M Claims Over WaMu Losses Cut Again

Law360, New York (February 6, 2012, 6:40 PM EST) -- A California federal judge on Monday again trimmed the Federal Deposit Insurance Corp.'s $129 million suit accusing an appraisal services company of breaching contracts with bankrupt Washington Mutual Inc. and causing it to suffer losses on bad mortgage loans.

Acting as the receiver for WaMu, the FDIC has argued that CoreLogic Valuation Services LLC inflated real estate appraisals by using unqualified personnel to perform the work, additionally contending that the company's quality control methods were severely inadequate. The suit was filed in May.

On Monday, U.S....
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