California Real Estate Fraud Report

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Man Receives Settlement Against BofA in Whistleblower Case for Appraisal Fraud

Two whistleblowers whose lawsuits against Bank of America played a role in the recent settlement agreement between the bank and the Attorneys General for the 50 states, have received settlements.

Appraiser Kyle Lagow’s complaint is said to have initiated the investigation by the U.S. Department of Justice into mortgage fraud at Countrywide Financial, which was purchased by Bank of America in 2008. Countrywide was one of many subprime lenders that were accused of pressuring appraisers to over-value properties (appraisal fraud) in order to inflate commissions and bonuses for its loan offices, management and executives (mortgage fraud). Lagow’s share of his claim, which was filed under the federal False Claims Act, is $14.5 million.

A second whistleblower, Gregory Mackler, has also reached an undisclosed settlement after challenging Bank of America’s management of the federal HAMP (Home Affordable Mortgage Program). Both men were represented by the Hagens Berman law firm.

Read the original article in Reuters and the Hagens Berman website.

© Copyright 2007-2018 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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