Homeowners Win Cert. In WaMu Mortgage Appraisal Suit

Law360, New York (April 25, 2012, 10:28 PM EDT) -- A California federal judge on Wednesday certified a class in a suit claiming Washington Mutual Bank and First American eAppraiseIT conspired to inflate appraisal values so that WaMu could sell securitized mortgage loans at artificially higher prices.

After class certification was denied without prejudice in 2010, U.S. District Judge Ronald M. Whyte on Wednesday granted the class's motion for certification, finding the plaintiffs had successfully shown the alleged inflation of appraisal values in the aggregate could be established by common proof. The judge certified a class...
To view the full article, register now.