MINNEAPOLIS (AP) – TCF National Bank is suing a Massachusetts firm it hired to appraise nearly 3,000 homes.
In a federal lawsuit filed in Minneapolis, TCF alleges Market Intelligence Inc. of Milford, Mass., improperly inflated the value of the residential properties the bank was financing. One of the services Market Intelligence provided was a field assessment, or a drive-by inspection.
TCF alleges “gross negligence” by the company in its assessment of value. The lawsuit contends Market Intelligence sometimes ignored comparable sales, disregarded problems that could be seen from the street or relied on a property owner’s estimate of value.
The bank is seeking unspecified damages and says it’s foreclosed on or charged off loans of more than $3.3 million.
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