This a a broad investigation against Countrywide into claims that it interacted and controlled real estate appraisers. Countrywide may have schemed with real estate appraisers to inflate prices paid for homes. Perspective home buyers were presented with false or misleading data on previously sold homes in order to justify higher asking prices on new purchases. The comparable sales data was misrepresented or from homes that were dissimilar. Home owners were therefore induced to pay more for a home than it was actually worth.
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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