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Home Buyers accuse Bank of America, Countrywide and LandSafe of appraisal fraud

Livinglies's Weblog


A nationwide class of home buyers have accused Bank of America, Countrywide Financial  and appraisal firm LandSafe of conducting fraudulent appraisals in an attempt to generate more loans at higher values.  A federal lawsuit was filed in Los Angeles, California on Thursday arising from previously settled whistleblower claims.  Interestingly, this case alleges that under the Racketeer Influenced and Corrupt Organization Act (RICO) that criminal conduct occurred. RICO findings would mandate fines, criminal penalties and possible imprisonment.

Home buyers in California and Florida allege that Countrywide, now owned by Bank of America, used its wholly-owned appraisal firm LandSafe to defraud loan applicants in violation of the Racketeer Influenced and Corrupt Organizations Act. It is believed that this lawsuit stems from a federal whistle-blower that resulted in a $16.65 billion civil settlement with Bank of America.

In that case there were four whistle-blowers who were former employees of LandSafe. One whistleblower…

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