Cuomo Subpoenas First American Corp.
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Attorney General Andrew Cuomo issued a subpoena to the real estate appraisal unit of First American Corp. in his investigation of whether mortgage brokers pressured appraisers to inflate property values. First American’s eAppraiseIT LLC, which values up to 15,000 homes a year in New York, was asked for information about appraisals performed throughout the state, the president, Anthony Merlo Jr., said in an interview yesterday. The attorney general has issued subpoenas to appraiser Mitchell, Maxwell & Jackson Inc. and broker Manhattan Mortgage Co., the companies said on May 18. “It’s a very good thing, what the attorney general is doing,” Mr. Merlo said. Mr. Cuomo’s office was focused on “who’s exerting the pressure” on appraisers, he said.
