Bolden

ORDER GRANTING PLAINTIFFS’ MOTION TO REMAND

This matter comes before the Court on Plaintiffs’ Motion for Remand. After reviewing the papers submitted by the parties and hearing oral argument, the Court grants the motion.

I. BACKGROUND

A. Factual Background

This case arises from Defendants’ alleged manipulation of real estate appraisals to inflate home prices paid by Plaintiff customers of KB Home (KB) in California during 2005 and 2006. Plaintiffs are customers that purchased homes from KB. Defendant KB is a developer of residential homes throughout the country. Defendants Countrywide Home Loans, Inc. and Countrywide Mortgage Ventures, LLC (“Countrywide”) are mortgage lending companies. Countrywide KB Home Loans is a joint venture whereby Countrywide served as KB’s in-house lender.

According to the Complaint, the value of newly built KB Homes declined beginning in the fall 2005. To conceal the declining values, KB and Countrywide KB Home Loans conspired to manipulate prices by generating fraudulent appraisal reports that mislead customers of the homes’ actual values. (Compl. ¶¶ 1-6.) Specifically, KB provided false and misleading comparable sales data to appraisers who…