Kramer Law: Wall Street Journal Reports on Latest Consent Orders for Banking Giants

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Kramer Kaslow: New government regulation reached between regulators and banks

Kramer & Kaslow

According to the Wall Street Journal, “Hopes are fading for a far-reaching settlement between regulators and banks over improper home foreclosures as some regulators press ahead to reach their own settlements with banks that others involved in the talks deem weak.”

The Wall Street Journal spoke with a spokesman for Iowa Attorney General Tom Miller. "We are going to make a very concerted effort at a comprehensive settlement that does not nip and tuck at the edges," said the spokesperson, who is spearheading the effort.

The article also quotes Margot Saunders, a lawyer with the National Consumer Law Center. "It sure looks like [regulators] are setting up the banks to be able to go out and say to the attorneys general, 'You can't touch us,'" says Saunders.

Philip Kramer, a perennial recipient of the “Southern California Super Lawyer” award, comments, “What happens next?” Philip Kramer isn’t sure. “It may be that one settlement – perhaps an early settlement – trumps the others. In that case, the first deal, probably the easiest to make because it demands the least, will be what homeowners get stuck with.” Kramer hopes that isn’t the case, but he is also glad that homeowners have access to the courts for help. “Consolidated plaintiff litigation may well be the best chance a homeowner has at getting a just resolution,” he says. It’s hard to argue with that conclusion when the government seems determined to arrive at the speediest, least costly resolution for the banks.”

PHILIP A. KRAMER is the senior partner of the Law Office of Kramer & Kaslow, in Calabasas, California. Kramer & Kaslow is 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 also serves 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 professionalism and civility back into the legal profession. He also serves on numerous Boards of Directors and serves as an officer in many companies. For more information call (818) 224-3900 or visit

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Stuart R. Simone, Esquire
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