Courthouse News-
A federal judge refused to unseal files related to Washington Mutual Bank’s alleged rigging and steering of appraisals to benefit mortgage lenders before market crashed.
The case in Washington, D.C., stems from a 2008 federal class action that Felton Spears Jr. and Sidney Scholl first brought in San Jose, Calif., against Washington Mutual Bank, Lender’s Service Inc., and the Santa Ana appraisal-management firm First American eAppraiseIT.
Spears and Scholl said that back in 2006 WaMu had eAppraiseIT and Lender’s Service provide inflated mortgage-loan appraisals, so that the bank could sell the aggregated security interests in the properties at higher prices.
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