Kramer Kaslow Files Suit Against Ally Bank

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The Law Offices of Kramer & Kaslow file suit against Ally Bank for Alleged Fraud Against Homeowners

Kramer & Kaslow

Kramer-Kaslow, has filed a mass joinder lawsuit against Ally Bank, N.A. (ALLY) in Los Angeles Superior Court (Kennedy v. Ally, Case number BC459747) in what is potentially the most significant and precedent-setting legal action taken against lenders as a result of the national foreclosure crisis, it was announced today by Philip Kramer, Esq. of Kramer & Kaslow.

The firm has filed suit on behalf of a mass joinder of plaintiffs seeking damages and injunctive relief as a result of what it says is the bank's alleged fraud and multiple violations of Local, State, and Federal consumer protection laws. Relief is being sought for alleged fraud, to stop the alleged illegal sale of plaintiffs’ homes, to force the bank to cease and desist from their alleged outrageous conduct, as well as to seek compensatory damages on behalf of the plaintiffs.

The lawsuit alleges that ALLY perpetrated a massive fraud, also constituting unfair competition upon borrowers that devastated the values of their residences, resulting in the loss of net worth even as ALLY enriched itself by knowingly selling financial instruments based on a value the bank knew to be unwarranted. The suit also alleges that ALLY further intended to deprive numerous rights and remedies for the problems they caused the borrowers and Mr. Kramer says that he believes that the harm done to the plaintiffs is exceeded only by the scale of the bank’s conduct as asserted in the plaintiffs’ suit.

According to court documents, the lawsuit claims the bank disregarded underwriting standards and implemented a massive fraud that was concealed from borrowers and other mortgagees on an unprecedented scale. The lawsuit alleges that, as a result of the bank’s actions, borrowers lost equity in their homes, their credit ratings and histories were destroyed and they incurred unnecessary costs and expenses.

Mr. Kramer says the lawsuit also challenges the alleged fraudulent and illegal use of MERS in connection with the loans and mortgages, as well as the defendants’ alleged failure to perform their obligations pursuant to accepting TARP funds.

The lawsuit's filing coincides with a recent decision in a class action suit that invalidated more than 10,000 foreclosure cases managed by GMAC Mortgage because affidavits in the cases were signed by a GMAC “robo-signer” who, according to court documents, attested to the authenticity of foreclosure documents without any knowledge about them, as well as signing other false statements in the case Manson v. GMAC Mortgage LLC, 08-cv-12166, U.S. District Court, District of Massachusetts (Boston).

“I am convinced that for the first time that aggrieved homeowners are going to get a fighting chance,” says attorney Philip Kramer. “Until now, the banks have had their way, using and abusing the system at the expense of distressed homeowners across the nation. Now, after years of abusing homeowners and the greater public, the ‘bank bullies’ are getting a good stiff legal punch in the nose.”

ABOUT PHILIP KRAMER
PHILIP A. KRAMER is the senior partner of the Law Office of Kramer & Kaslow, in Calabasas, California. Kramer & Kaslow is a Martindale Hubbell “AV” rated. Mr. Kramer is a perennial recipient of the prestigious “Southern California Super Lawyer” award.

Mr. Kramer received his undergraduate degree from Ohio State University and his Juris Doctorate from the Catholic University of America, in Washington, DC. His practice emphasizes commercial litigation and trial advocacy, with a concentration on business litigation, and real property matters. He has prosecuted and defended cases for over twenty five years.

Mr. Kramer is a licensed real estate broker and has spent considerable time providing legal services in connection with real estate issues relating to loan modification and loss mitigation, land use and zoning, environmental issues, easements, construction and development, finance, and landlord tenant matters.

Mr. Kramer is admitted to practice before all courts in the State of California, the United States Supreme Court and the United States Court of Military Appeals. Mr. Kramer has tried in excess of 200 cases. He has appeared on nationally televised programs regarding pre-trial procedure and trial strategy and has appeared as a guest lecturer on topics ranging from constitutional law to trial practice, and Mr. Kramer frequently lectures on a broad spectrum of various legal and business issues.

Mr. Kramer serves also as a Judge Pro Tem for the Los Angeles Superior Court and as a Mediator.

Mr. Kramer is also a past president of the Los Angeles West Inns of Court, a national organization dedicated to bringing back professionalism and civility into the legal profession. He also serves on numerous Boards of Directors and serves as an officer in many companies. For more information, visit http://www.kramer-kaslow.com.

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