Investigation and pending class action lawsuit against Countrywide claiming the company engaged in a practice of pressuring and intimidating appraisers to defy industry standards and generate appraisals in line with the company's business objectives.
The class action lawsuit claims Countrywide blacklisted appraisers who didn't comply, adding their names to a Countrywide internal list called a "Field Review List." The class action lawsuit claims that if an appraiser appears on the Field Review List, the appraiser's business and revenues plummet. According to the class action lawsuit, Countrywide's market dominance gives it the ability to negatively affect an appraiser's business. According to the complaint, as of Aug. 28, 2008, more than 2,000 names were on the Field Review List.
The suit seeks to represent anyone named on the Field Review List and companies that adversely suffered due to Countrywide's alleged actions. If you or your company is on the list, we'd like to hear from you.
Name (Stock Symbol)
Countrywide Financial Corporation
Countrywide Financial Corporation originates, services and resells home loans. It is owned by Bank of America.
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