>Countrywide Homeowners
Date Filed: January 12, 2009
Court: U.S. District Court
Location: Washington
Ticker Symbol: BAC
Washington homeowners filed a class-action lawsuit against Countrywide, claiming the lending giant illegal rigged the appraisal process in a scheme to boost profits at the expense of homeowners and independent appraisers.
The lawsuit, which seeks to represent all homeowners who purchased or refinanced their home through Countrywide and LandSafe, claims Countrywide forces homeowners to use its wholly owned subsidiary LandSafe for appraisals.
According to the suit, LandSafe turns the appraisal work to a third-party, demands they follow the developed fee structure and if they refuse, adds them to a field review list that identifies appraisers Countrywide will not work with.
The lawsuit claims LandSafe subcontracts much if its appraisal work to a network of independent appraisers, but offers them rates as low as $140 per appraisal. The company then marks the costs of the appraisal back as high as $410 when invoicing homeowners.
Plaintiffs claim the practice is damaging to homeowners who pay the inflated fee and appraisers, who are forced to work below market standards or risk losing work in the future.
If you purchased or refinanced your home through Countrywide and LandSafe you can join this suit. You can also contact attorneys at (206) 623-7292.
Court: U.S. District Court
Location: Washington
Ticker Symbol: BAC
Washington homeowners filed a class-action lawsuit against Countrywide, claiming the lending giant illegal rigged the appraisal process in a scheme to boost profits at the expense of homeowners and independent appraisers.
The lawsuit, which seeks to represent all homeowners who purchased or refinanced their home through Countrywide and LandSafe, claims Countrywide forces homeowners to use its wholly owned subsidiary LandSafe for appraisals.
According to the suit, LandSafe turns the appraisal work to a third-party, demands they follow the developed fee structure and if they refuse, adds them to a field review list that identifies appraisers Countrywide will not work with.
The lawsuit claims LandSafe subcontracts much if its appraisal work to a network of independent appraisers, but offers them rates as low as $140 per appraisal. The company then marks the costs of the appraisal back as high as $410 when invoicing homeowners.
Plaintiffs claim the practice is damaging to homeowners who pay the inflated fee and appraisers, who are forced to work below market standards or risk losing work in the future.
If you purchased or refinanced your home through Countrywide and LandSafe you can join this suit. You can also contact attorneys at (206) 623-7292.
| SHARE: |
|
Cases and Investigations
| CONTACT US | CYCLING TEAM | INSTITUTIONAL INVESTORS | FOLLOW US ONLINE: |
|
|
Sign Up For E-Mail Alerts