ALBANY, N.Y. (AP) -- New York Attorney General Andrew Cuomo says he is settling his investigation into inflated home appraisals in an agreement with the government-sponsored lenders Fannie Mae and Freddie Mac.
Cuomo said Monday the agreement will include changes intended to protect prospective home buyers from appraisers who inflate the value of homes.
Cuomo says lenders have pressured appraisers to bump up the listed value of homes, contributing to a national mortgage crisis that is forcing families into foreclosure.
Cuomo has been investigating billions of dollars in home loans that Fannie (FNM) and Freddie (FMC) bought from banks, including the largest U.S. savings and loan, Washington Mutual (WM, Fortune 500). See Also
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