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Westlaw News

Lawsuit accuses Bank of America's Countrywide of appraisal fraud

Bank of America’s Countrywide unit has been hit with a racketeering lawsuit accusing it of using fraudulent appraisals to qualify homeowners for mortgage loans and boost its profits in the years before the housing crisis.

Filed on Friday in a Los Angeles federal court, the proposed class action seeks damages for hundreds of thousands of homeowners nationwide who paid for appraisals that allegedly violated federal standards and were inflated to keep Countrywide’s lucrative mortgage originations on track.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/1Uwn8zm

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