Homeowners Accuse Wells Fargo Of Appraisal-Rigging

Law360, New York (February 5, 2009, 12:00 AM EST) -- An Arizona couple has filed a purported class action accusing Wells Fargo Bank NA and its home appraisal subsidiary of an anti-competitive scheme to rig the appraisal process and boost profits at the expense of homeowners.

The lawsuit, filed Jan. 30 in the U.S. District Court for the District of Arizona, claims the mortgage banking giant violates the Racketeering Influenced and Corrupt Organizations Act and the Real Estate Settlement Procedures Act, as well as state fair competition law, by forcing homeowners to use its subsidiary –...
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