Blackballing subverts our government and laws, resulting in a de facto lawless state ruled by the corporation. No wonder the corruption and illegal surveillance is rampant. It is like Libya after the government was deposed in the U.S.
On October 16, 2008, Capitol West Appraisers filed a class action lawsuit against
Countrywide Financial Corp. (now owned by Bank of America) alleging Countrywide blacklisted appraisers who refused to appraise real estate at inflated prices.
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In Capitol West v. Countrywide Financial Corp., Capitol West Appraisals alleges Countrywide pressured appraisers to set the value of a property at the selling price rather than setting the value based on an inspection of the property and comparable market prices in the area as required by appraisal standards. Misrepresenting the value of a property allowed Countrywide to lend more money to more buyers at higher risks with less collateral. Countrywide could then make more money off the loans by selling them on secondary markets as mortgage backed securities.
Appraisers who refused to misrepresent property values were put in a "do not use" or "Field Review List" data base, in essence a blacklist. When an appraisal was submitted by an appraiser on the "do not use" database it was flagged for "field review". A field review is a review of the original appraisal. All field reviews were conducted by Landsafe, a subsidiary of Countrywide, who would consistently shoot holes in any appraisal from a blacklisted appraiser. Mortgage Brokers were then required to get a second appraisal from another appraiser. Since independent mortgage brokers did not want to pay for two appraisals and did not know which lender they would ultimately use, and since Countrywide was the biggest home mortgage lender in the U.S., brokers simply would not use anyone on the Field Review List.
As of Aug. 28, 2008, more than 2,000 names were on the Field Review List, Countrywide's blacklist, which it sends to mortgage brokers who hire appraisers across the United States
Here's another example of blacklisting that occurs to intimidate employees. This actually led to the financial crisis, appraisers were forced to inflate the property values of houses. If they didn't, they would be blacklisted.