Karen Kertz, the appraiser that was named as a defendant in the civil action filed by American Home Mortgage last year, has been dismissed from the lawsuit, along with her employer, ACT Appraisals. The following is Ms. Kertz' statement with respect to the dismissal.

I was a victim of professional identity theft. This lawsuit has been dismissed with prejudice and all allegations against me have been dropped. The State of Illinois Appraisal Board has investigated the situation and has completely cleared me of this fraudulent appraisal.

The Illinois State Appraisal Board concluded that the appraisals prepared utilizing Ms. Kertz' identity were fraudulent and that she was a victim of professional identity theft. Any lenders who have placed Karen Kertz on a “do not use” list should review the reasons for inclusion on this list and, if related to fraudulent appraisals, should review the underlying facts. It is believed that the perpetrators have been identified by law enforcement and are no longer utilizing Ms. Kertz' identity.