Calabasas, CA (PRWEB) April 26, 2011
Philip A Kramer questions if Congress will do the right thing and help desperate homeowners in need.
According to Bloomberg News, “The U.S. Treasury Department plans to publicly grade mortgage servicers on how well they respond to homeowners seeking reductions in payments as the government encourages loan modifications to stem foreclosures.”
While this sounds like promising news, experienced litigator Philip Kramer of The Law Offices of Kramer & Kaslow isn’t so sure. “If you look at the announcement more closely,” he says, “You will see that this is a voluntary program. In my experience, voluntary doesn’t go a long way when dealing with large banks.” Kramer should know, he is currently leading one of the largest mass joinder suits ever attempted.
"Congress is going to vote on whether or not to end the less-than-successful HAMP (Home Affordable Modification Program)," says Kramer. "One of the central problems with the program has been that it is voluntary. Now, the question remains, will desperate homeowners get any assistance at all from their elected officials? It’s too soon to say for sure, but if past experience is any guide, it seems likely that homeowners will have to look to the courts for help, because it just isn’t likely to come from other avenues."
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