California Real Estate Fraud Report

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KB, Countrywide Accused of Rigging Home Prices

In a new twist to stories of appraisal fraud, two couples have accused home builder KB Home and a unit of Countrywide of pumping up home appraisals in one of KB’s Sacramento-area development during a time when prices in their subdivision were actually falling. This is according to an article in the Los Angeles Times Business Section authored by Pete Y. Hong.

In their lawsuit, filed on February 6 in Los Angeles County Superior Court, Deborah and Lonnie Bolden claim they paid $70,000 more for their home than neighbors who used a private appraiser instead of Countrywide’s. The lawsuit alleges that both KB Home and Countrywide “conspired with affiliated appraisers to generate fraudulent” appraisal reports, a claim that KB denied and which Countrywide has so far declined to comment upon.

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© 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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