Emloyment Law Group - Law Firms - Whistleblower Lawyers
Live Chat Contact Us 24/7 Email US
Contact Us: Live Chat, Call, Email Chat email



Use of this form does not establish an attorney-client relationship. As a next
step, you will hear from a client specialist.



Our Clients in Their
Own Words
Play Video: Whistleblower Attorney Testimonials | Wendell Carter
Previous Video
Next Video
THE EMPLOYMENT LAW GROUP®

Toll Free: 1-888-826-5260
Fax: 202-261-2835

inquiry@employmentlawgroup.com

Employment Law Group Addresses
The Employment Law Group,PC. BBB Business Review

Whistleblower Law Blog

Bank of America Whistleblower Awarded $14.5 Million False Claims Act Settlement for Challenging Bank’s Practice of Inflating Home Appraisals to Obtain Federal Loans

Share

Kyle Lagow, a former employee of Countrywide Financial Corp., which was acquired by Bank of America in 2008, will receive a $14.5 million whistleblower award as part of the $1 billion False Claims Act settlement Bank of America (BoA) reached with the U.S. Department of Justice. The $1billion settlement that BoA reached with the federal government was part of a $25 billion national mortgage settlement reached between five mortgage lenders in February 2012.

Lagow filed his lawsuit in 2009 alleging that Countrywide terminated his employment because he raised concerns about Countrywide’s appraisal practices.  Law 360 writes that according to Lagow, “Countrywide [inflated] property appraisals for federal loans, [and as a result] FHA ended up insuring home mortgages under false pretexts, and the government ended up repaying lenders at falsely inflated amounts if borrowers defaulted.” Countrywide would pressure home appraisers to inflate home values so they could gain larger federal loans and gain a larger profit. They would pay these appraisers above-market fees and would reward appraisers that produce as many as 400 appraisals and reviews a month, a number that could not be achieved legally.

The Employment Law Group® law firm has an extensive nationwide whistleblower practice  representing employees who have been victims of retaliation.

Tagged: ,

decorative line
greybar
blueline
facebook logo twitter logo google plus logo
Home  |  What We Do  |  Our Team  |  Our Clients  |  In The News  |  Resources  |  Contact Us


Our Locations: Washington, D.C. | San Francisco | Los Angeles

© 2017 The Employment Law Group, P.C. - All rights reserved.
Disclaimer | Terms of Use | Privacy Policy