RICO | BofA, Countrywide Hit With Appraisal Suits By Home Buyers

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RICO | BofA, Countrywide Hit With Appraisal Suits By Home Buyers

RICO | BofA, Countrywide Hit With Appraisal Suits By Home Buyers

Law360-

A proposed nationwide class of home buyers have accused Bank of America Corp., Countrywide Financial Corp. and appraisal firm LandSafe Inc. of conducting phony appraisals in an attempt to secure more loans, filing a lawsuit in California federal court on Thursday stemming from previously settled whistleblower claims.

Home buyers in California and Florida allege Countrywide, now owned by Bank of America, used its wholly-owned appraisal firm LandSafe to rip off loan applicants in violation of the Racketeer Influenced and Corrupt Organizations Act. The complaint says the alleged…

[LAW360]

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