Calabasas, CA (PRWEB) April 23, 2011
Philip Kramer of Kramer & Kaslow, a law firm which has launched what may be the largest series of mass joinder lawsuits ever attempted against lenders for their conduct toward struggling homeowners is worried that things may get even tougher.
According to Philip of Kramer Law, “it has come to light recently that the banks are actually profiting by under serving homeowners in trouble. It seems that if you’re working with your bank and getting nowhere, that’s not an accident.”
In the Huffington Post, Shahien Nasiripour writes “The nation's five largest mortgage firms have saved more than $20 billion since the housing crisis began in 2007 by taking shortcuts in processing troubled borrowers' home loans, according to a confidential presentation prepared for state attorneys general by the nascent consumer bureau inside the Treasury Department.
That estimate suggests large banks have reaped tremendous benefits from under-serving distressed homeowners, a complaint frequent enough among borrowers that federal regulators have begun to acknowledge the industry's fundamental shortcomings.”
Even though the bank has been caught with their hands in the cookie jar, Congress and the Federal government seemed determined to aid and abet them, according to Kramer. According to Nasiripour’s reporting, it would cost banks somewhere along the lines of $135 billion to bring homeowners’ mortgages in line with real-market values.
The Bureau of Consumer Financial Protection, the most aggressive of the government entities, is seeking $20 billion in compensatory damages and fines, while the OCC (Office of Controller of the Currency) which is traditionally more bank-friendly wants the fines set at $5 billion. All 50 States Attorneys General have entered the fray, seeking to protect their residents. “If Mr. Nasiripour is right, and I think he is, no matter who wins the government side of debate, homeowners are going to be left out in the cold,” says Kramer.
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