Citizens Inflated Home Values To Amp Up Lending: FCA Suit
Law360 (March 8, 2019, 10:08 PM EST) -- Citizens Bank NA used inflated appraised property values to boost its mortgage business and ripped off the federal government in the process, an appraisal consultant and a former top real estate appraiser at the bank have alleged in a newly unsealed complaint in New York federal court.
The complaint, which was unsealed in the past week, accuses the Rhode Island-based lender of a host of False Claims Act violations stemming from a "flawed appraisal process" in which loan officers and other employees pressured appraisers to inflate home values to encourage more lending. This process allegedly infected the bank's origination of Federal...
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