"A group of West Valley home buyers says builder KB Home and its exclusive lender Countrywide, now owned by Bank of America, developed a scheme to sell homes at peak market prices even after real-estate values began to decline.
A lawsuit filed Thursday in Maricopa County Superior Court contends the builder and lender engaged in systematic appraisal-rigging to inflate by thousands of dollars the value of new homes sold since 2006. The plaintiffs, seven KB Home customers in Buckeye and Surprise, say the practice has cost customers billions of dollars and contributed to the recent flood of loan defaults and foreclosures.
KB Home and BofA representatives said they had not seen the complaint Thursday and could not comment."
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Lawsuit alleges builder, lender used rigged house appraisals
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