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First American Shareholders File Class Action Over False Appraisals

By Implode-Explode Heavy Industries

First American Corp. provided 260,000 false and inflated appraisals to Washington Mutual in the past 2 years, inflating its own share price through false and misleading statements, according to a shareholder derivative class action. The class claims First American did this through its subsidiary, eAppriaseIT.

Full post as published by Mortgage Lender Implode-o-Meter on May 08, 2009 (boomark / email).