>33 of Obama's Mortgage Relief Recipients headed back toward foreclosure

[1prophet]

/facepalm

Countrywide owned an appraisal vendor, known as Landsafe. Any lender could order an appraisal through Landsafe for a property anywhere in the US and Landsafe would then contract a licensed appraiser in that area. It was designed as a convenience for lenders who do business across the country, and it also made it so individual loan officers couldn't make direct contact with the appraiser (which is now required by law). While the relationship became far too cozy, these were not "in house" appraisers. They were not employed by Countrywide, and they did business with other lenders.

Looks more like a racket than a convenience according to this.

Countrywide & LandSafe Skimming Appraisal Fees

As promissed here it is:
Washington homeowners filed a class-action lawsuit against Countrywide, claiming the lending giant illegal rigged the appraisal process in a scheme to boost profits at the expense of homeowners and independent appraisers.
According to the complaint, borrowers were forced to use the Countrywide subsidiary, LandSafe who, according to the charge, skimmed off part of the appraisal fee for themselves (Countrywide). The borrower was charged $450 while the appraiser sometimes netted less than $200 with LandSafe/Countrywide pocketing the difference.
Several years ago a friend told us this was a violation of RESPA. He told us who to focus on, and he was right.
If you would like to read more and help the law firm hit this AMC square between the pocketbook read more here: LINK Hagens Berman Sobol Shapiro LLP

Appraisers, down load the complaint here: DOWNLOAD COMPLAINT

The law firm is looking for more class participants. JOIN THIS LAWSUIT: HERE

This is not limited to just Countrywide, the law firm is expanding to ...... consider WellsFargo. Learn about WellsFargo and RELS: HERE