Mortgage Appraiser Reaches $9.9M Deal In Inflation Suit

Law360, New York (November 24, 2014, 3:51 PM EST) -- A mortgage appraisal firm and a class of plaintiffs alleging the firm engaged in a scheme with the failed Washington Mutual Bank to inflate home values on homes reached a $9.9 million agreement Friday to end their litigation.

The settlement between eAppraiseIT and the class brings to a close more than six years of litigation over the alleged inflated home appraisals, which the plaintiffs said was done to allow the banks to sell the aggregated security interests in those properties at inflated prices in violation of the Real Estate Settlement Procedures Act.

"It would be a gross understatement to say, after...

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