Kramer-Kaslow: Liar Loans Cut Both Ways Observes Noted Attorney Philip Kramer

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Kramer Law reports mortgage lenders have been allegedly playing fast and loose with the paperwork in order to facilitate foreclosures.

Kramer & Kaslow

According to litigator Philip A. Kramer, a recent 60 Minutes piece revealed what many of us have long suspected: mortgage lenders have been playing fast and loose with the paperwork in order to facilitate foreclosures. If the 60 Minutes piece is correct – and there is every reason to believe it is – the lenders’ behavior goes beyond sloppy paperwork and into the territory of what Kramer says is deliberate fraud.

Philip Kramer of the Kramer & Kaslow law firm wishes he were more surprised. “Depending on whom you listen to, there are billions of dollars in error-ridden loans, and maybe trillions. Faced with the choice of admitting wrongdoing or working to correct the errors in a more forthright manner, it looks like the lenders are trying the cover-up route. That’s never a good solution.”

Kramer believes that the pressure is mounting on the banks to reform their ways. Attorneys General from each state in the union have joined together and are suing the banks. One thing is becoming increasing clear: in addition to the weaknesses of the so-called “liar loans”, the lenders have been doing a little lying on their own as the resulting foreclosure crisis makes its way through the courts. Kramer believes that by fabricating paperwork, the lenders have only made things worse – much worse.

The 60 Minutes piece depicts multiple fraudulent signatures from several large lending institutions as well as interviews with some of the robo-signers who were ordered to deliberately forge documents in order to aid the lenders in foreclosing on properties with incomplete, inadequate, or even non-existent paperwork.

Philip A. Kramer, who has brought several of the largest mass joinder suits ever filed against lenders, was surprised at the sheer brazenness of the alleged attempted fraud. “When you walk into court and say you can’t find paperwork and then suddenly, as if by magic it appears, and the signatures and dates are suspect, well… The results are pretty predictable: judges don’t like being lied to. If this was a once-only occurrence that would be one thing, but this is systemic, it’s widespread, and it’s not exactly a secret.”

Kramer expects that there will be big changes afoot politically, and significant remedies coming out of the court system.

About 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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