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Class Claims Wells Fargo Cheats on Appraisals

PHOENIX (CN) - Wells Fargo cheated homebuyers of appraisal fees, a class action claims in Federal Court. The class claims the bank forced buyers to use its affiliate Rels Valuation, which uses Wells Fargo's market power to force outside appraisers to accept payment far below market rates, then charges homebuyers inflated fees for the appraisals, "in some cases twice as much."

Plaintiffs are represented by Robert Carey with Hagens Berman Sobol Shapiro.

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