Ohio AG Sues Ten Companies Alleging Improper Pressure On Appraisers

Bloomberg.com today reports:

• "Ohio, the state with the third highest number of foreclosures, sued 10 real estate companies for improperly pressuring appraisers to inflate home values. The companies, based in Ohio, California, Arizona and New York, set specific estimated values on properties and communicated a desired price to appraisers, according to the lawsuits filed by Attorney General Marc Dann today. In Ohio, it's illegal to influence an appraiser. Those sued include seven mortgage brokers, two lenders and an appraiser."

For the whole story, see Ohio Sues Real Estate Firms for Pressuring Appraisers.