Bank of America Settles with Whistleblower for $14.5 Million

A former home appraiser, Kyle Lagow, will receive $14.5 million to settle his whistleblower lawsuit that accused mortgage lender Countrywide Financial (now owned by Bank of America) of inflating appraisals on government-insured mortgages.  The lawsuit triggered an investigation that resulted in a $1 billion settlement between Bank of America and the Justice Department over allegations of mortgage fraud.  The lawsuit was brought under the False Claims Act which allows people aware of wrongdoing against the government to bring suits on behalf of the government and share in the proceeds of any settlement.
Tom McKinney