Kramer and Kaslow: Wall Street Journal Reports that Banks Hit Hurdle to Foreclosures

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The Law Offices of Kramer and Kaslow release comments on a Wall Street Journal article detailing the foreclosure crisis.

Kramer & Kaslow

Philip Kramer, lead attorney for Kramer Kaslow, recently released comments regarding a Wall Street Journal article detailing the foreclosure crisis. Sheila Bair, chairman of the Federal Deposit Insurance Corp., is quoted in the article from her testimony to a Senate committee last month. "Flawed mortgage-banking processes have potentially infected millions of foreclosures, and the damages against these operations could be significant and take years to materialize," said Blair.

The article also reports that last month, the Maine Supreme Court reversed the foreclosure of Dana and Robin Murphy of Auburn, Me., after concluding that the mortgage company, a unit of HSBC Holdings PLC, filed "inherently untrustworthy" documents. An HSBC spokesman declined to comment.

The Wall Street Journal reports that, “This year, cases in California, North Carolina, Alabama, Florida, Maine, New York, New Jersey, Texas, Massachusetts and others have raised questions about whether banks properly demonstrated ownership.”

Philip A. Kramer, a perennial winner of the “Southern California Super Lawyer” award represents hundreds of consolidated plaintiff litigation clients who have filed suit against the nation’s six largest lenders. He comments, “I believe that the Maine Supreme Court is correct. I also believe that the problem is widespread – universal.”

Laurence E. Platt, a banking-industry lawyer at K&L Gates in Washington, concedes in the article that banks may have been sloppy. But he says, "the real assault on the legal system," are efforts by judges and local officials to strip lenders of their rightful ownership and make foreclosures impossible.

Philip A. Kramer could not disagree more strongly. “If Laurence Platt’s point of view prevails, then we might as well not have laws. That is not an exaggeration. There are rules and procedures which govern how property is supposed to bought and sold. Ownership is at the heart of the issuance of mortgages and foreclosures. It is not okay for the banks to claim, ‘Oh, proof of ownership? Paperwork? Those don’t really matter.’ The banks have been getting away with murder. Finally, it seems to be coming to an end.”

More of Philip A. Kramer’s comments can be found at the Kramer 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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