The Law Offices of Kramer and Kaslow: Advocates and Bankers Join to Fight Loan Rules

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Lead attorney at the Law Offices of Kramer and Kaslow Philip Kramer weighs in on opposition to new bank rules

Kramer & Kaslow

Philip Kramer from the Law Offices of Kramer and Kaslow comments on a recent New York Times article about new banking regulations. The New York Times reports that, “As banking regulators are rewriting the rules for the mortgage market, unusual alliances have sprung up in opposition to tighter lending standards. Advocacy groups like the N.A.A.C.P. and the National Council of La Raza, a Latino civil rights organization, on the one hand, and the American Bankers Association on the other, are joining together to fight rules they say could make home loans less affordable for minority and working-class Americans.”

“Politics makes strange bedfellows,” says noted attorney Philip A. Kramer of the surprising coalition of consumer advocates and the banking industry coming together to fight new, stricter loan regulations for mortgages.

According to The New York Times article, “the growing alliance between civil-rights organizations and banking lobbyists could extend beyond the current round of financial rule-making. If Congress turns its focus to restructuring Fannie Mae and Freddie Mac, for example, the same groups could voice similar concerns over anything that restricts the availability of credit for first-time home buyers,”

David Stevens, chief executive of the Mortgage Bankers Association, was quoted in the article. “I think everybody agrees that the enthusiasm for promoting home ownership went way too far,” said Stevens. “But now the risk is that we go too far the other way. We still need to be able to make affordable mortgages that don’t just go to the wealthy, who can afford the biggest down payments and who have the most positive credit ratings.”

Philip A. Kramer, who represents hundreds of consolidated litigation plaintiffs suing banks for their mortgage practices, has a different take, “The crisis occurred because banks were able to profit enormously and this encouraged bad behavior. Buyers were sucked in because they wanted the American Dream – to own their own home. It was a perfect storm of desire for a better life and the pure greed of the profit motive. My belief is that regulatory brakes – on both sides – are absolutely necessary to prevent a future disaster.”

More of Philip Kramer’s observations can be found at the Law Offices of 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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