2008-10-16nwsource.com

Countrywide Financial blackballed home appraisers who refused to make valuations meet agreed selling prices, according to a lawsuit filed Thursday.

Countrywide, the nation's largest home mortgage lender, doesn't accept reviews from appraisers on the Field Review List unless they're accompanied by a second review from someone else, which means mortgage brokers will not use such appraisers for Countrywide loans, the lawsuit says. Furthermore, since Countrywide is such a major player and brokers do not necessarily know which lender they will use when they order an appraisal, they won't use Field Review List appraisers for any loans at all, the lawsuit alleges.

"Countrywide is in position to force out of the business honest appraisers," said Steve Berman, the lead lawyer in the case and managing partner at Hagens Berman Sobol Shapiro, in Seattle. "They can use their market power to basically blackball these people."



Comments:

rwillia at 18:27 2008-10-16 said:
CW certanily had its issues and was not a perfect company by any means, but this suit is bogus. The un-approved vendor list had nothing to do with appraisers who did not appraise homes for a desired value, it was the exact opposite! Appraisers who continually showed up on foreclosures, and who had appraised homes for 3-4 times the value at time of foreclosure ended up on the UVL list. I think all the law suits need to stop... We all need to take owenrship for our sins... and move forward to make this country a better place!! Permalink

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