Kramer and Kaslow: Attorneys General Stepping Up Pressure On Banks

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Philip Kramer of The Law Offices of Kramer and Kaslow weighs in on pressure banks face from attorneys general

The Law Offices of Kramer and Kaslow released comments today regarding the latest news report from Bloomberg News on the increasing scrutiny banks are facing from state attorneys general. Bloomberg News reports that “Bank of America Corp. (BAC) faces increased pressure from two attorneys general to change its mortgage- servicing and foreclosure practices as states said the bank and four other servicers may face $17 billion in claims.”

According to the Bloomberg News article, Utah Attorney General Mark Shurtleff accused Bank of America of “breaking state law,” while Connecticut Attorney General George Jepsen said, “The bank failed to fix “well- documented” problems in its mortgage-servicing business,” according to letters released by their offices yesterday.

The article went on to say that their demands, along with subpoenas issued to Lender Processing Services Inc. (LPS) by attorneys general in California and Illinois, were made public the day after state officials told the five largest mortgage servicers, “They may face civil lawsuits seeking $17 billion if they don’t settle the nationwide investigation.” This was according to a person familiar with the matter who declined to be named in the article because the talks are private.

Philip A. Kramer, senior partner at the law firm of Kramer-Kaslow observes, “It’s always hard to know exactly what is going on behind the scenes, but this news suggests that the aggressive attorneys general have decided to strike out on their own and not wait for a watered down resolution from federal government regulatory bodies. If so, that’s good news for homeowners.”

More of Philip A. Kramer’s analysis can be found at the Law Offices 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


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Stuart R. Simone, Esquire
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