KB Home, Countrywide Ran $2.8B Fraud: Homebuyers

By Jessica Dye ( May 8, 2009, 12:00 AM EDT) -- A putative class of California, Arizona and Nevada homeowners has accused housing giant KB Home and Countrywide Financial Corp. of joining forces in a racketeering enterprise, using tainted appraisals on houses KB Home sold and loans Countrywide provided to inflate contract values by $2. 8 billion. . . .

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