Manhattan Appraisals Investigated By New York State Attorney General
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Pressure to increase appraisals may have led to Andrew Cuomo, the new New York State Attorney General, to start investigating how appraisals have been done in Manhattan over the past few years. Presently he is targeting Mitchell, Maxwell, and Jackson Inc. but if history shows out, if there is any meat to the investigation it will expand throughout the city.
The state attorney general, Andrew Cuomo, has issued a subpoena to the Manhattan appraiser Mitchell, Maxwell & Jackson Inc., the company said late yesterday. A broker, the Manhattan Mortgage Company, also received a subpoena, the company’s chief executive, Melissa Cohn, said.
“It’s a rather large, broad, sweeping request for enormous amounts of information on everyone we work with,” a founder of Mitchell, Maxwell & Jackson, Jeffrey Jackson, said. The appraiser, which evaluated about 20,000 properties last year in the New York region, said it received the subpoena “about 10 days ago.”
A lawyer for Mitchell, Maxwell & Jackson, Y. David Scharf, said his client had been told it was not a target of the investigation.
“The information that is being requested is whether or not pressure has been brought to bear on appraisers to change their appraisals,” Mr. Scharf said. The firm was “continuing to gather information” in response to the subpoena. via New York Times.
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