Posted on 05/10/2009 8:38:20 AM PDT by FromLori
Homeowners brought a federal racketeering lawsuit on Thursday against KB Home, the former Countrywide Financial Corp and appraiser LandSafe Inc, accusing the companies of operating a scheme to fraudulently inflate sales prices of KB homes in Arizona and Nevada.
(Excerpt) Read more at moneynews.newsmax.com ...
obamageddon and dodd both got “special home loans” from their friend angelo at countrywide!
About damned time.
CW was bad... KB home was worse.
I’m no lawyer but I always thought that “racketeering” was a term used in *criminal* law...and not civil law.If I’m correct then it either wasn’t a racketeering suit or it wasn’t brought by homeowners.
This is not a “charge,” but rather a civil suit.
Obama and Dodd both got ‘special home loans’ from their friend Angelo at Countrywide? Wow, I fully expect to see some Republican member of Congress make a real stink about this for two days or so, maybe even appearing on Fox News twice, and maybe Hannity’s radio show. That’ll show ‘em. Oh, yeah, the issue will be allowed to fade away within 3 days, but that Republican will have made a fine stink about it.
RICO claims can be brought by private parties in civil suits.
Courts typically subject such claims to severe scrutiny, due to the potential for abuse.
This is only for AZ and NV. I wonder if they will add FLA to the list.
I wish but no one did anything about it even though Judicial Watch tried to have something done...
More than past time, they also need to file against the individuals and reach through the corporation.
September 25, 2006
FEDERAL JUDGE CERTIFIES COLOSSAL RACKETEERING CLASS ACTION
LAWSUIT AGAINST CIGARETTE INDUSTRY FOR “LIGHT” PRODUCTS
You are incorrect. Only about 30% of RICO prosecutions are against stereo-typical organized crime groups.
Class Action, huh? So a handful of plaintiffs get a decent return, the lawyers get stinking rich, and most of the class gets a $100 off coupon for their next home purchase, right?
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