The Law Offices of Kramer and Kaslow: Confidential Federal Audits Accuse Five Biggest Mortgage Firms of Defrauding Taxpayers

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Philip Kramer of the Law Offices of Kramer and Kaslow weighs in on confidential federal audits

Philip Kramer, lead attorney at the Law Offices of Kramer and Kaslow commented on a Huffington Post article that reported about confidential federal audits of the nation's largest banks.

“A set of confidential federal audits accuse the nation’s five largest mortgage companies of defrauding taxpayers in their handling of foreclosures on homes purchased with government-backed loans,” four officials briefed on the findings told The Huffington Post. “The five separate investigations were conducted by the Department of Housing and Urban Development’s inspector general and examined Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial,” the sources said.

According to the Huffington Post, “The audits accuse the five major lenders of violating the False Claims Act, a Civil War-era law crafted as a weapon against firms that swindle the government.”

“The audits were completed between February and March,” sources said. According to the Huffington Post, “The internal watchdog office at HUD referred its findings to the Department of Justice, which must now decide whether to file charges.”

Philip A. Kramer, an attorney who represents hundreds of consolidated plaintiff litigation clients in lawsuits against six major lending institutions observes that, “It is quite an irony that the same tools the banks used to abuse homeowners are now being used against them. If the reports are accurate, and I have no reason to believe they are not, then it seems likely that the government will use the banks’ wrongdoing to leverage a more substantial resolution for aggrieved homeowners.”

More of Phil Kramer’s observations can be found at the Kramer and Kaslow blog.

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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