Kramer-Kaslow: Criminal Immunity & Banking Executives

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Law Offices of Kramer & Kaslow weigh in on alleged bank fraud

Kramer & Kaslow

As litigator with over 25 years of experience, attorney Philip A. Kramer of Kramer & Kaslow thought that nothing occurring in the world of home loans gone bad could surprise him. But recent events, as first reported by The New York Times took him by surprise.

“It’s just shocking,” Kramer says. “You wouldn’t think that this kind of outrageous result would ever be possible. The Federal government recently conducted a review of bank practices and concluded that there had been not one single wrong foreclosure. No bank executive, high or low has seen the inside of a prison. No mortgage broker has been charged for their wrongdoing. It seems no one is going to be held responsible for the large-scale wrongdoing that has savaged a significant portion of the American economy.”

Well, almost no one.

Charlie Engle is going to jail – for twenty-one months. And what was his crime? He took out a liar’s loan.

“His accuser is an overzealous IRS agent who saw a documentary about Charlie Engel’s ultra-marathon efforts and decided Mr. Engle couldn’t possibly afford to train and earn a living,” says Kramer. “When the evidence didn’t seem to be there, the government got Mr. Engle’s mortgage broker, who had in all probability falsified the documents for the loan in question, to testify against Engle in exchange for a reduced sentence on other crimes.”

What is the final irony in all this? Charlie Engle, who as near as anyone can tell is a decent, hardworking man with a remarkable sense of optimism (he has started a blog to talk to others about what he learns from this experience – without a trace of bitterness) has been ordered to pay back the losses from the foreclosure of his home. The ones who benefit from this are Bank of America and Countrywide.

Philip Kramer uses this story as motivation.

“I have so many clients who are in so much trouble because of banks’ egregious conduct. When I hear about things like this, it reminds me even more of just what I am fighting for and how important that fight is.”

http://www.nytimes.com/2011/03/26/business/26nocera.html?scp=3&sq=joe%20nocera&st=cse

About The Law Offices of Kramer & Kaslow
Kramer & Kaslow is a Professional Law Corporation; our goal is to protect our client’s rights and find solutions. We strive to give our clients the professional and personal attention that they deserve. The Law Offices of Kramer & Kaslow specialize in Civil Litigation, Real Estate Law, Franchise Law, Entertainment Law, Estate Planning, Corporate Business Transactions, Trademarks, Copyrights, and International Law. For more information call (818) 224-3900 or visit http://kramer-kaslow.com.

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