Calabasas, California (PRWEB) June 04, 2011
MSNBC recently reported that during the state attorneys general summit, Bank of America Corp. Chief Executive Officer Brian Moynihan said that homeowners may have to look elsewhere for long-term investment returns. He opines further that some areas of the country may not rebound at all.
“It’s worth putting the remarks in context,” observes Philip Kramer, senior partner at the law firm of Kramer & Kaslow, “Bank of America is in trouble. Regulators, Justice Department officials, and court cases are coming at them right and left. They’re crying poor.”
The MSNBC article reports that Moynihan’s argument is that low population growth in some regions of the country will lessen demand and therefore act as a downward pressure on home prices.
"It's sobering to think, but some people shouldn't be thinking of (their home) as an asset," Moynihan said at the 2011 National Association of Attorneys General conference. "They should be thinking of it as a great place to live."
Philip Kramer sees it differently. Kramer feels that homeowners, faced with an at best uncertain future, must do everything in their power to readjust their home values now. “For better or worse, for maybe the first time in history, banks are talking with homeowners about modifying loans and making other adjustments.” Kramer observes. “Now is the time to get things to happen. Even if it has to be done through the courts. Judges are listening to homeowners’ arguments about bank wrongdoing in a way they never would have a decade earlier.”
As Kramer sees it, part of the banks’ obligation is to lower home values to their current marketplace valuations, rather than the inflated amounts at which the loans were originally made. “Look,” says Kramer. “The banks are working with homeowners because they’re under duress. There is nothing noble or well-intended in the situation, but even so, even though they are being dragged into making changes kicking and screaming, even with all of that, it is happening. Too slow. Too difficult. Too time-consuming. But for the first time, with a lot of obstacles, homeowners have a fighting chance to come out ahead. They’re going to have to fight hard, but they just might win for once.”
ABOUT PHILIP KRAMER
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 http://kramer-kaslow.
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