QUICK LINKS:
Countrywide Financial pressured appaisers, Boise firm contends in suit
Countrywide wanted valuations to meet selling price, Boise firm contends.
Seattle Post-Intelligencer - Idaho Statesman
Published: 10/20/08
Countrywide Financial blackballed home appraisers who refused to make valuations meet agreed selling prices, according to a recent lawsuit.
Capitol West Appraisals of Boise says in a lawsuit filed in U.S. District Court in Seattle that Countrywide loan officers pressured its appraisers to increase valuations or otherwise compromise appraisal standards in three loan transactions and, when the company refused, Countrywide put Capitol West on its "Field Review List."
Countrywide, the nation's largest home mortgage lender, doesn't accept reviews from appraisers on the list unless they're accompanied by a second review from someone else, the lawsuit says. That means brokers won't use the appraisers at all, since brokers won't pay for two reviews.
"Countrywide is in a position to force out of the business honest appraisers," said Steve Berman, the lead lawyer in the case and managing partner at Hagens Berman Sobol Shapiro in Seattle.
"They can use their market power to basically blackball these people," Berman said.
The case was filed Thursday.
Eloise Hale, spokeswoman for Bank of America, which bought Countrywide in July, said, "We have not had a chance to review the lawsuit and would not be able to comment."
Capitol West's monthly revenues fell by $8,000 as a result of being on the list and a Countrywide employee told the business it will remain on the list for at least a year, the lawsuit says.
Story Comments
We welcome comments but ask that you remain on topic. Some comments may be reprinted elsewhere in the site or in the newspaper. Comments that are profane, personal attacks or otherwise inappropriate or are off topic are subject to removal. Repeat offenders will be blocked. Do not flag comments merely because you disagree with the comment.
- 36-year-old Boise woman and 30-year-old half-brother arrested, charged with incest
- Ada County Sheriff’s deputies seize 2 pounds of meth and arrest three men in Boise drug bust
- Palin resignation leaves questions on 2012 run
- More Idahoans seek food aid, even in middle-class Meridian
- Al Davis' new idea: move former Boise State tight end O'Neill to linebacker
- WIC families get new and healthier food options
- Idaho trendy T-shirt vendor PalmerCash moves into storefront retail
- Neighbors, refugees and others are getting their hands dirty together in community gardens in Boise
- Nampa man shot in the leg; police investigating
- Officers hope to deter DUI drivers during holiday weekend
IdahoStatesman.com
- SECTIONS:
- home |
- news |
- sports |
- business |
- politics |
- opinion |
- entertainment |
- lifestyles |
- outdoors |
- special content |
- classifieds |
- shopping
