Pulte Subprime Lending Practice Suit Nixed By 9th Circ.

Law360, New York (January 3, 2012, 6:50 PM EST) -- The Ninth Circuit last week affirmed the dismissal of a putative class action alleging PulteGroup Inc. and its mortgage lending arm used subprime lending and fraudulent appraisals to inflate home values that later plummeted.

In a Dec. 28 nonpublished opinion, a three-judge panel ruled against Sodalin Kaing, a California homeowner who said Pulte Mortgage LLC's practice of lending to unqualified borrowers like her caused home prices to tumble beyond the losses caused by the nationwide real estate crash.

The panel agreed with a California federal judge...
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