Kramer and Kaslow: Bank Probes Uncover Questionable Practices on Foreclosures

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Philip Kramer weighs in on a recent Propublica expose on bank probes

Kramer & Kaslow

Attorney Philip A. Kramer, senior partner of the Kramer & Kaslow law firm which is conducting consolidated plaintiff litigation lawsuits on behalf of hundreds of homeowners, remarked on a recent expose of bank probes by the news site Propublica.

“Propublica is really doing a public service with their investigations," said Philip Kramer. "I represent hundreds of clients who have been wronged by the banks. We have charged fraud, and conspiracy, calumny and deception, from top to bottom. There is a lot of malfeasance going on, and other than our civil suits, there has been little or no judicial action. Something has to be done and I am hopeful that Propublica’s investigations may help start that process.”

Propublica journalist Marian Wang writes in a recent article, “As we and many others have noted, no top banking executives have been successfully prosecuted in connection with the financial crisis: not for making the bad loans that fed the mortgage machine, not for lying about the quality of the mortgages, and not for foreclosing improperly when homeowners struggled to make loan payments. But there have been many investigations. Some are still pending, others seem to have fallen by the wayside. Here’s our overview of what the banks have been accused of doing at each stage of the mortgage machine.”

Propublica compares the bad foreclosure process to a machine and argues that the first step is risky lending and underwriting. Philip Kramer agrees. "If you look at any of the cases we filed, for example, take a look at: Maxam v. Bank Of America (case No: 30-2011-00450819-CU-MT-CXC), you’ll see that we already know a great deal about the banks’ misbehavior. The question is, ‘When will judicial and regulatory bodies catch on?’”

Propublica breaks down the bank practices foreclosure crisis into five areas:

1)    Risky Lending and Underwriting
2)    Scandals of Securitization
3)    Complex Securities – CDOs
4)    Flaws in the Foreclosure Process
5)    Post-foreclosure – Bad behavior continues

“I think they’ve got it right,” says Philip A. Kramer. "It’s like they took the arguments right out of our lawsuits. It’s almost unbelievable that the banks have gotten away with so much for so long.”

More of Philip A. Kramer’s comments can be found at the Law Office of Kramer and Kaslow blog.

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.com

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Stuart R. Simone, Esquire
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