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Couples suing companies over real estate appraisal practices
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More from BusinessTwo couples are suing KB Home and Countrywide Financial Corp., claiming the company schemed with real estate appraisers to inflate prices paid for homes as the housing market started to crumble.
The complaint names the home builder's KB Home Mortgage Co. and mortgage lender's Countrywide Home Loans Inc. and a joint venture between the two, Countrywide KB Home Loans as defendants. It also names two real estate appraisers.
The plaintiffs are seeking class-action status to cover KB Home customers in California who were financed thorough Countrywide and closed on their homes between Aug. 1, 2005 and July 31, 2006.
The couples claim that homebuyers were presented false or misleading data on previously sold homes to justify higher asking prices on new homes. Customers were given sales data for homes that were dissimilar, in a different location or had not been sold, according to the lawsuit.
Countrywide, based in Calabasas, is the nation's largest mortgage lender. Bank of America has announced it plans to purchase Countrywide.
Posted by freethought on February 10, 2008 at 12:30 a.m. (Suggest removal)
VC Star - Didn't you just post this article?
http://www.venturacountystar.com/news...
Must be running out of material.
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