KB Home, Countrywide Faked Home Appraisals: Suit

Law360, New York (February 8, 2008, 12:00 AM EST) -- A proposed class action against homebuilder KB Home and mortgage lender Countrywide Home Loans Inc. alleges that the companies used fraudulent appraisal reports to artificially support prices of KB houses when the California real estate market started to crumble.

The lawsuit, which was filed Wednesday in the Superior Court of California County of Los Angeles, claims that the proposed class members paid thousands more than other homebuyers after the companies generated false home appraisal reports.

The appraisal reports used false comparable sales data, selected dissimilar properties...
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