Hagens Berman Sobol Shapiro Investigations

Bank of America Homeowners

Date Started: January 22, 2009

Hagens Berman is investigating Bank of America and Lender Processing Services based on homeowner reports that the companies conspired to overcharge homeowners for appraisals in perhaps hundreds if not thousands of transactions.

HBSS is investigating reports that BOA charges homeowners upwards of $400 for routine home-purchase appraisals, but through a deal with Lender Processing Services pays much less for the work, pocketing the difference.

The process, if true, allows BOA to gain giant profits on the difference without disclosing the deal to home purchasers. Some reports indicate BOA can make as much as $200 per transaction, which totals to hundreds of millions of dollars.

Hagens Berman wants to hear from anyone who purchased or refinanced their home through Bank of America. Please contact attorneys by joining this investigation, e-mailing bac@hbsslaw.com or calling (206) 623-7292.