Kramer and Kaslow: Lenders Require Homeowners to Waive Rights to Sue for Errors

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Philip Kramer: Homeowners Waiving Rights to Sue Lenders

Kramer & Kaslow

The website ( is reporting that many lenders are requiring homeowners to waive all their rights to sue for errors if they want to seek a loan modification or other form of assistance.

"I'm troubled, but not surprised, that this is still occurring," Rep. Maxine Waters, D-Calif., who has been pushing a bill to ban these waiver clauses since 2008, was quoted in the website article. "The mortgage servicing industry has been broken for quite some time and needs substantial reforms."

As reported in, Neil Brazil, a spokesman for HSBC, said the bank doesn't include any rights waiver in its standard modification agreements, but that attorneys pursuing foreclosure on its behalf might include them when offering a homeowner a forbearance plan. Brazil declined to say if HSBC included the clauses more generally. He emphasized that HSBC had been working with the borrower for over two years.

Propublica also reports that Bank of America, the country's largest servicer, included similar language in agreements late last year not only in New York, but several other states.

Philip Kramer, a perennial winner of the prestigious “Southern California Super Lawyer” award has said that what the banks are doing is “outrageous misconduct”. Kramer, whose firm Kramer-Kaslow has launched multiple consolidated plaintive litigation lawsuits against lenders on behalf of homeowners, argues that, “The banks are feeling a lot of pressure because of their wrongdoing and are trying to avoid their day in court.” More of his observations can be found at

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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