SEATTLE, Nov. 1 Hagens Berman Sobol Shapiro (HBSS) is investigating claims that Washington Mutual (NYSE: WM), the country's largest savings and loans institution, conspired with First American Corporation to artificially inflate housing appraisals.
If proven, the charges mean that homeowners could have overpaid for homes, and consequently are paying artificially inflated mortgages.
On November 1, 2007 the Attorney General of New York filed a lawsuit making similar allegations.
HBSS is investigating the filing of a class-action lawsuit in Seattle, headquarters of Washington Mutual, seeking proper appraisals, restitution for overpayment and damages for those affected if the allegations prove true.
According to media reports, First American Corporation provides real-estate appraisal services to savings and loans, banks and other lending professionals through First American eAppraiseIT, an appraisal management company. The company allegedly allowed WaMu to control appraisal prices and apply pressure to appraisers to get the housing value estimates that would help close loans.
Reports also claim First American allowed WaMu -- its largest client -- to hand pick appraisers the company knew would bring in appraisal values high enough to permit WaMu's loans to close.
The attorneys at HBSS would like to hear from consumers who took out a home loan from Washington Mutual and had the home appraised by First American since 2006. You can reach HBSS at 206-623-7292 or e-mail info@hbsslaw.com.
About Hagens Berman Sobol Shapiro
Hagens Berman Sobol Shapiro is based in Seattle with offices in Chicago, Cambridge, Los Angeles, Phoenix and San Francisco. Since 1993, it has developed a nationally recognized practice in class-action and complex litigation. Among recent successes, HBSS has negotiated a $300 million settlement in the DRAM memory antitrust litigation, one of the largest anti-trust settlements in history; a $340 million recovery on behalf of Enron employees; a $150 million settlement involving charges of illegally inflated charges for the drug Lupron, and served as co-counsel on the Visa/Mastercard litigation which resulted in a $3 billion settlement, the largest anti-trust settlement to date. HBSS served as counsel in a $850 million Washington Public Power Supply settlement and represented Washington and 12 other states against the tobacco industry that resulted in the largest settlement in history. For a complete listing of HBSS cases, visit http://www.hbsslaw.com.
CONTACTS: Steve Berman (206) 623-7292 Hagens Berman Sobol Shapiro Steve@hbsslaw.com
SOURCE Hagens Berman Sobol Shapiro
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