Friday, November 19, 2010

FDIC Brings Second Action

FDIC brings second action against directors or officers of failed banks

Thomas P. Vartanian, Robert H. Ledig and Lawrence K. Nesbitt

Industry observers have been waiting to see when bank failures arising out of the recent financial crisis would produce a wave of Federal Deposit Insurance Corporation (“FDIC”) litigation similar to that seen in the early 1990s after the savings and loan crisis. With its second suit in recent months, the FDIC has shown that it will aggressively pursue claims against directors and officers in connection with failed depository institutions.

The FDIC has significantly increased its legal staff in the last few years and has engaged outside law firms to perform professional liability investigations and to conduct litigation in connection with recently failed institutions. Moreover, an FDIC spokesman recently stated that the FDIC has authorized legal actions against seventy former directors and officers of failed banking institutions in an effort to recoup more than $2 billion in losses...

The S&L crisis in the late 1980s brought into sharp focus the potential liability of directors and officers when an insured depository institution fails. The FDIC has stated that it and the Resolution Trust Corporation recovered approximately $6.1 billion from professional liability claims and brought claims against directors and officers in approximately 25% of all bank failures during the S&L crisis period.

Source (via Dave Towne)

Thursday, November 18, 2010

ACOW on Facebook!

If you all are on Facebook, you can now link to ACOW:

Stay in touch and informed. ACOW works for all appraisers in Washington and without your help, you will not have a voice in Olympia. Renewal for membership is coming up, and we have many financial needs to meet. Please go to the ACOW webpage, and renew using the PayPal link, or send in your check. We appreciate your support, but remember, it’s for you, not us.


Michael Imes

Monday, November 8, 2010

Trouble Getting Paid?

Are you having trouble getting paid by federally regulated lenders?

If so, I would recommend contacting Che (a staffer) through Sen. Cantwell’s Seattle office. I have filed a congressional complaint against several federally regulated institutions due to having outstanding invoices and not responding to payment demands or not paying late fees etc. Just like we are required to do when we don’t pay our CCs or Mortgages.

She asked if I knew of others that were having similar problems. I told her I could only speak for myself, but I am sure if it is happening to me, it is happening to others.


Michael Imes, IFA

Saturday, November 6, 2010

Marshall & Swift/Boeckh: Sold

Dear Valued Customer:

I am pleased to announce that MacDonald Dettwiler and Associates (MDA) has signed definitive agreements to sell Marshall & Swift/Boeckh (MSB) to TPG Capital (TPG) - a well known global investment firm with $47 billion in assets under management and with strong experience supporting companies in the insurance and financial services marketspace. The transaction is slated to close in late 2010 or early 2011, subject to customary approvals.

As part of this agreement, no changes to management, core initiatives, business direction or product roadmaps are expected to occur at MSB. TPG is fully supportive of and in total congruence with our business and strategic plans. We will maintain our long-standing commitment to you and your organization, continuing to serve you with industry-leading property solutions, thought leadership and the years of experience our people provide. Our employees will also continue to deliver the same exceptional customer service we are known for and you have come to expect.

Over the course of the next few months, MSB will keep you informed on our progress.


Salil Donde
Chief Executive Officer
Marshall & Swift/Boeckh

Appraiser Independence Deadline: IFR comments

The Interim Final Regulations on Appraisal Independence were published in the Federal Register on Oct. 27.

Deadline for comments back to the Federal Reserve Board is Dec. 27, 2010.

Submit comments, identified by Docket No. R- 1394 and RIN No. AD-7100-56, by any of the following methods:

Δ Agency Web Site: Follow the instructions for submitting comments at

Δ Federal eRulemaking Portal: Follow the instructions for
submitting comments.

Δ E-mail: Include the docket number in the subject
line of the message.

Δ Fax: (202) 452-3819 or (202) 452-3102.

Δ Mail: Address to Jennifer J. Johnson, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, N.W., Washington, DC 20551.

All public comments will be made available on the Board’s web site at as submitted, unless modified for technical reasons. Accordingly, comments will not be edited to remove any identifying or contact information.

Public comments may also be viewed electronically or in paper in Room MP-500 of the Board’s Martin Building (20th and C Streets, N.W.) between 9:00 a.m. and 5:00 p.m. on weekdays.

Michael Imes
Dave Towne