Tag Archives: Bank

Multi-Celebration Suit Filed By Property owners Against Bank of America et al

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Roseville, California (PRWEB) August 24, 2011

On Wednesday August 17, 2011, United Foreclosure Lawyer Network (UFAN) filed suit in Superior Court in Sacramento, CA (case number 34-2011-00109314) on behalf of more than 100 homeowners against Bank of America and other people alleged by Plaintiffs to be involved in a scheme to defraud and otherwise take benefit of American homeowners.

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According to UFANs managing attorney Kristin Crone, This is a chance for home owners to fight for their rights. And, it will be a fight. The complaint particulars how a vast quantity of property owners nationwide are facing mortgage debts far higher than the value of their homes. Some property owners lost what equity investments they had in their houses when the housing marketplace crashed.

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The lawsuit levies blame for the crash of the mortgage market place against large banks and mortgage lenders. According to the complaint, among 2000 and present, mortgages had been packaged up in pools and the pools have been sold to investors. Because a bank could rapidly recoup amounts spent issuing mortgages by the sale of these pools of mortgages (otherwise known as Residential Mortgage Backed Securities, or RMBS), the banks incentivized mortgage brokers and lending institutions with higher fees for origination (yield spread premiums, origination charges, and discount costs). These fee incentives encouraged the origination of hugely predatory loans to men and women who could not afford the loans extended term, the complaint alleges.

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The complaint alleges that the terms of the loans have been complicated and tough to comprehend even for sophisticated borrowers. A lot of of the loans had a two to five year period of a low fixed interest price and interest only payments. Most home owners were promised a refinance prior to the increased payments due at the end of the fixed rate period. But, when the time came to refinance, in spite of the truth that the monetary scenario of the borrower a lot of times remained the same, no refinance was provided. In some instances, refinances or loan mods were granted but they truly improved the borrowers month-to-month payment and/or necessary a huge money payment up front of $ ten,000 or far more.

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Court documents show that the lead Plaintiff in the case, like several others, was told by Bank of America to quit her mortgage payments in order to be considered for a loan modification. The homeowner stopped her payments and started negotiations for far more fair terms with the bank. Smartly, the homeowner saved money so she could bring her loan existing if negotiations had been not fruitful. The complaint alleges that she was promised her home would not be foreclosed even though she was being regarded for a loan modification. She told bank representatives that she could bring her loan current if it was going to sell. Court documents show that the bank promised her the foreclosure would be postponed. It was not. This client has now permanently lost her property to a third party buyer.

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UFAN plans to bring claims against all of the key banks on behalf of property owners within the subsequent handful of months. Our consumers want to fight for their rights and they are just asking for a fair shake, says Ms. Crone. We are attempting to give them the likelihood to be heard and to try to stay in their homes under affordable loan terms. The banks have been providing everyone the runaround by way of loss mitigation departments that repeatedly shed documents and claim to perform with homeowners whilst selling their residences out from beneath them. Filing suit was a last resort for many of our clients, but the bank produced it appear as if it was the only way to truly get their focus.

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Complementary consultations offered.

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ABOUT UNITED FORECLOSURE Attorney NETWORK

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The United Foreclosure Attorney Network (UFAN) is a Roseville, California-based law firm practicing on the cutting edge of mortgage fraud and foreclosure defense. UFAN represents consumers who have been victims of predatory lending and/or wrongful foreclosure. The committed attorneys and employees at UFAN perform tirelessly to seek justice for fraudulent mortgage practices and fight for the rights of American property owners. For far more details contact toll free of charge 1-866-400-4242.

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This release might constitute attorney advertisement. The data in this release and on the United Foreclosure Lawyer Network (TheUFAN.com) internet site is for basic details purposes only. Absolutely nothing in this release or on the United Foreclosure Attorney Network (TheUFAN.com) website ought to be taken as legal advice. Prior successes are no guarantee of future overall performance. Litigation is inherently uncertain and benefits in litigation are in no way assured.

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Brookstone Law, Computer, Bank Lending Practice Investigations Focus on Recent Bank of America Revelations

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Newport Beach, CA (PRWEB) December 13, 2010

Brookstone Law, Computer, is expanding its civil litigation division and is involved in investigations of the situations all through the nation exactly where actions against buyers have exposed banks unlawful lending practices.

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Among those investigations is assistance for the present high-profile foreclosure case in New Jersey in which a Bank of America spokesperson revealed the Banks unlawful administration of loan documents with subsidiary Countrywide Property Loans. The revelation potentially brings into question the ownership of millions of properties that could lead to Bank of America getting liable for billions of dollars in inherited negative loans.

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In testimony just before the Home Economic Solutions Committees hearings November 17 on Issues in Mortgage Servicing from Modification to Foreclosure, Georgetown University Law Center Professor Adam Levitin described the potentially devastating implications of the case by saying, If these legal troubles are resolved differently, then there would be a failure of the transfer of mortgages into securitization trusts, which would cloud title to nearly each house in the United States and would create contract recession/putback liabilities in the trillions of dollars, tremendously exceeding the capital of the USs key economic institutions.

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The bungled defense by Bank of America in this case is another instance of a trend of rulings against Banks primarily based on a constant lack of legal documentation in mortgage foreclosures, mentioned Vito Torchia, Jr., managing attorney of Brookstone Law. This was a case exactly where the witness told the truth and we all got a appear behind the curtain. Unlawful documentation practices are only one particular of the several obstacles against customers and it is important that these practices are coming to light. The reality that the revelation was by the Banks spokesperson offers it considerable credibility, regardless of the Banks subsequent statements.

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The case is In the Matter of John T. Kemp, Kemp v. Countrywide Residence Loans Inc., 08-02448, U.S. bankruptcy Court for the District of New Jersey (Camden).

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About Brookstone Law, Pc &#13

Primarily based in Los Angeles, with offices in Newport Beach, CA, and Ft. Lauderdale, FL, Brookstone Law, Computer, is a law firm comprised of attorneys with experience and success in business, corporate and personal finance, employment, entertainment &amp media, art &amp museum, intellectual house and true estate law. The firm has a network of a lot more than 40 affiliate attorneys nationwide and employs highly trained specialists, paralegals, paraprofessionals and administrative employees dedicated to serving our consumers. For details, get in touch with (800) 946-8655 or check out http://www.brookstone-law.com.

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More Loan Modification Services Press Releases

Mitchell J. Stein, Esq.: Trend of Bank of America Loan Modification and Consumer Abuses Needs Exposure

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Hidden Hills, CA (Vocus/PRWEB) January 25, 2011

Facing a national storm of criticism more than therapy of homeowners and illegal mortgage foreclosures, and most lately sued by Arizona and Nevada more than home-loan modification programs intended to maintain property owners who borrowed from its Countrywide mortgage unit out of foreclosure, Bank of America is becoming exposed as a major issue in making the problems property owners face in the ongoing foreclosure crisis, according to Mitchell J. Stein, Esq. of Mitchell J. Stein &amp Associates.

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There is a disturbing pattern of the way Bank of America treats folks getting revealed through consumer feedback and the tremendous amount of negative media coverage, which merely put, is regularly terrible, said Mitchell J. Stein, Esq., a 25-year award-winning litigator, trial lawyer, and philanthropist committed to protecting shoppers and victims’ rights in reigning in abusive practices of banks, lenders and other individuals. It is vital that the behaviors of the banks that have helped develop this crisis get national attention to assist protect buyers, resolve the crisis and recognize the Banks true function in it.

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Even though all 50 U.S. states are investigating whether banks and loan servicers used false documents and signatures to justify hundreds of thousands of foreclosures, Bank of America was sued in December, 2010 by Arizona and Nevada over home-loan modification programs intended to hold property owners who borrowed from its Countrywide mortgage unit out of foreclosure. A judgment in 2009 to resolve a lawsuit alleging Countrywide engaged in fraud necessary the Bank create a loan modification system for former Countrywide borrowers in those states.

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According to the Arizona lawyer common, rather of working to modify loans on a timely basis, Bank of America apparently proceeded with foreclosures while borrowers requests for modifications were still pending, mentioned Mitchell J. Stein, Esq. This is yet another of several examples in the foreclosure crisis of Bank of America allegedly ignoring the law to pursue earnings above people.

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In the Arizona and Nevada suits, the bank is accused of misleading shoppers about needs for the modification system and how extended it would take for requests to be decided. The bank supplied inaccurate and deceptive reasons for denying modification requests, according to the suits.

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From throwing peoples belongings into the street throughout wrongful foreclosures to foreclosing on homeowners operating for loan modifications, there is a typical and despicable lack of consideration by the Bank for its buyers, specifically men and women in jeopardy of becoming evicted since the Bank repeatedly doesnt fulfill its legal responsibilities in dealing with them and their mortgages, mentioned Mitchell J. Stein, Esq.

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The Arizona lawsuit seeks a court order holding the bank in contempt for violating the agreement and requiring it to pay as considerably as $ 25,000 for every single violation of the accord plus as considerably as $ ten,000 for each and every violation of the states customer-fraud law. Nevadas complaint seeks unspecified civil penalties and restitution.

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The Arizona case is Arizona v Bank of America, CV2010- 33580, Maricopa County Superior Court (Phoenix). The Nevada case is Nevada v. Bank of America, Eighth Judicial District Court, Clark County (Las Vegas).

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ABOUT MITCHELL J. STEIN &amp ASSOCIATES&#13

Mitchell J. Stein &amp Associates is a California-based law firm founded by M.J. Stein, Esq. a 25-year award-winning litigator, trial lawyer, financier, and entrepreneur who has represented many of the world’s biggest organizations and has been involved in some of the highest profile circumstances in the Nation’s history. The Firms philosophy is primarily based on the belief that their consumers needs are of the utmost value and, as a result, a higher percentage of the Firms enterprise has been from repeat buyers and referrals. The Firms practice places include Complex Litigation, Bank Difficulties, Mergers &amp Acquisitions, Commercial and Residential Foreclosures , and Bankruptcy Litigation. Mr. Stein is also the founder of VIPS Foundation (Victims of Injustice Discomfort and Suffering), via which victims nationwide, over the last 15-years, have received assistance following unfortunate events that subjected them to oppression or mistreatment. In that regard, Mr. Stein received the inaugural Mitchell J. Stein Benefactor Award from the National Organization for Victims Help (NOVA) for his work in safeguarding victims rights. Go to http://www.mjsteinassociates.com or http://www.dobielaw.org for much more info.

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Brookstone Law, Computer, Files Landmark Mass Joinder Lawsuit Against Bank of America and Countrywide

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Newport Beach, CA (Vocus/PRWEB) February 15, 2011

Brookstone Law, Pc, has filed a mass joinder lawsuit against Bank of America, potentially the most substantial and precedent setting legal action taken against lenders as a result of the national foreclosure crisis, it was announced these days by Vito Torchia, Jr., managing lawyer of Brookstone Law Computer.

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The lawsuit alleges Bank of America (BOA) and its subsidiary Countrywide Monetary Corporation (Countrywide) perpetrated a huge fraud, also constituting unfair competition upon borrowers that devastated the values of their residences, resulting in the loss of net worth, and that BOA and Countrywide intended to deprive many rights and remedies for the difficulties they caused the borrowers. The case is Wright et al v. Bank of America, N.A. et al., case no.30-2011-00449059-CU-MT-CXC filed in Orange County Superior Court and was filed February 9, 2011.

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This was the ultimate high-stakes fraudulent investment scheme of the final decade, said Vito Torchia, Jr. Couched in banking and securities jargon, the deceptive gamble with customers properties was a financial fraud perpetrated on a scale never ever ahead of observed in this country,

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The lawsuit accuses Countrywide founder and CEO Angelo Mozilo of realizing that Countrywide could not sustain its organization unless it utilised its size and massive industry share in California to systematically generate false and inflated home appraisals all through California. It additional claims that Countrywide employed these false house valuations to induce borrowers into ever-larger loans on increasingly risky terms and that Mozilo knew as early as 2004 that the loans had been unsustainable and would outcome in a crash that would destroy the equity invested by borrowers and their net worth.

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The lawsuit’s filing coincides with a current decision in a class action suit in Maryland that invalidated a lot more than 10,000 foreclosure circumstances managed by GMAC Mortgage because affidavits in the instances had been signed by a GMAC robo-signer who, according to court documents, attested to the authenticity of foreclosure documents with no any understanding about them, as effectively as signing other false statements in the case Manson v. GMAC Mortgage LLC, 08-cv-12166, U.S. District Court, District of Massachusetts (Boston).

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According to court documents, the lawsuit claims Mozilo and other people at Countrywide pooled those mortgages and sold them for inflated worth which disregarded underwriting requirements and fraudulently inflated house values in order to take enterprise from legitimate mortgage-providers, implement a massive securities fraud that was concealed from borrowers and other mortgagees on an unprecedented scale. When Countrywide pooled the loans and sold them, the company recorded gains on the sales. In 2005, Countrywide reported $ 451.six million in pre-tax earnings from capital market sales and the next year it reported $ 553.5 million in pre-tax earnings from that activity.

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Countrywide did not care about the borrowers who would endure due to the fact their plan was primarily based on insider trading that would generate income for them as lengthy as achievable and then allow them get out before the truth of their activities was exposed and losses have been locked in, said Vito Torchia, Jr. According to Torchia, the scheme resulted in the mortgage meltdown in California that was substantially worse than in any other area of the United States. Beginning in 2008, Californians property values have decreased by considerably much more than most other places in the United States as a direct outcome of the scheme.

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The lawsuit alleges that, as a outcome, borrowers lost equity in their houses, their credit ratings and histories were destroyed and they incurred unnecessary fees and expenditures. At the exact same time, Countrywide was paid billions of dollars in interest payments and charges and generated billions of dollars in earnings by promoting their loans at inflated values. Countrywide then employed borrowers private data to generate much more income: the lawsuit also alleges privacy violations ranging from disclosure of the private and confidential details of far more than 2.four million customers to outsourcing and sale of hundreds of thousands of records to bolster the fraudulent loan pooling scheme, resulting in the disenfranchising of thousands of borrowers inalienable rights of privacy.

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According to court documents, lead Plaintiff John Wright purchased his first house in 2004 and Countrywide offered financing with a first and second loan. Less than a year later, Countrywide contacted Mr. Wright and encouraged him to refinance into an adjustable rate loan. As a initial time home purchaser who relied on Countrywide and their reputation and experience, he accepted their direction, which resulted in a new very first loan in 2005. But right after the damaging effects of sub-prime loans became public in 2007, Mr. Wright contacted Countrywide to refinance his loan into a fixed rate loan, but this time, Countrywide said they have been also busy and that he must wait to refinance, in spite of the truth that fixed price loans had been then at about a reduce interest rate than what he was paying.

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“The American men and women are no longer going to tolerate fraudulent and abusive banking strategies and we are organizing the most powerful protest and legal action Bank of America has ever noticed, John Wright stated. Piggybankblog.com, myself and my supporters are a force to be reckoned with and we intend to construct the most successful coalition that the Bank of Destroying and Abusing America has noticed although the American people hold them accountable for their actions that led to the destruction of the American dream for so many men and women like me.”

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According to the filing, Countrywide eventually permitted Mr. Wright to refinance and the company suggested an appraiser who offered an appraisal that later turned out to be inflated. When Countrywide refinanced his loan into a new fixed loan it was at a larger price than that which was offered to him when he started the procedure. The lawsuit claims that this churning of his mortgages allowed Countrywide to reap several charges, income and greater interest prices at Mr. Wrights expense. Soon after permitting him to refinance, Countrywide then erected several obstacles to Mr. Wrights attempts to modify his loan due to difficulty making payments and when they did, they approved a loan modification that lowered his payments of a lot more than $ 3,300 a month by only about $ 61.

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In 2007, when Mr. Wright retained a law firm to help him, Countrywide falsely claimed they had in no way received a letter from Mr. Wrights representatives, that his legal counsel was not a genuine law firm and instructed him not to use an attorney to receive support with his loan modification.

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I cannot help but conclude that as a direct outcome of my experiences and Bank of America’s potentially irregular, fraudulent and simply abusive home loan modification method, we are losing our potential and appropriate to pursue the American dream of life, liberty and the pursuit of happiness, John Wright stated. Thats why it provides me fantastic pleasure to participate in this lawsuit, which I contact “The American People vs. Bank of America.”

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Then, following Countrywide changed its name and became a subsidiary of BOA, and even though BOA was conscious Mr. Wright was represented by a law firm, the Bank started a series of harassing phone calls to Mr. Wright searching for payments for the loan. Court documents show BOA subsequently engaged in delaying techniques which includes claiming essential documents have been missing or never received even though they had been sent repeatedly to BOA by Mr. Wright. BOA then assured Mr. Wright that he had nothing at all to be concerned about and apologized to him, blaming their personal incompetence for the lost documents.

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Court documents show Mr. Wright then received a letter from BOA that denied the loan modification and demanded a lump sum payment. Mr. Wright called BOA and was told to disregard that letter and that he was q

Connected Loan Modification Services Press Releases

Bank Dual Tracking Procedure Hurts Property owners

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Chicago, IL (PRWEB) February 28, 2011

Whilst most economic analysts agree that the American economy is now in recovery, the nation’s foreclosure crisis continues to wreak havoc on the lives of a lot of homeowners. In 2010, 33 states witnessed an improve in foreclosure rates, with Arizona, Nevada, New Jersey, and Utah reporting the most significant jump in home foreclosures. People are continuing to lose their houses to foreclosure in record numbers. What is most surprising is that several of these foreclosures occurred whilst the homeowner was negotiating with their bank for a loan modification to reduce their mortgage payment. “Banks are employing a loan-modification/foreclosure “dual track” technique which is confusing and misleading. You could argue that banks are punishing property owners who are doing their ideal to save their properties from foreclosure,” states Richard G. Fonfrias, J.D. of Fonfrias Law Group, LLC (http://www.chicagomoneylawyer.com), a leading Illinois bankruptcy and financial rescue lawyer.

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Dual track loan modification/foreclosure is when banks simultaneously pursue foreclosure action and loan modification evaluation. The dual-track method has been responsible for accelerating foreclosure for many home owners, including ones who had been directed to spend lower payments in the course of the loan-modification trial period and then were fined for failure to spend the complete amount when the loan modification failed. “It is apparent that the banks want to foreclose and are only going via the motions of loan modification. Usually the homeowner is caught off guard, believing that they are secure from foreclosure since they have made arrangements for loan modification with the bank, but in reality the bank has placed them in a dual track program negotiating for a modification, even though at the exact same time initiating foreclosure proceedings,” says Fonfrias.

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Consumer advocacy groups want to finish dual tracking and are outraged with banks and other mortgage investors, like Bank of America, more than dual tracking exactly where thousands of borrowers are losing their houses even though negotiating to reduced mortgage payments. Numerous really feel that homeowners are being tricked by the banks and feel that a lot more wants to be carried out to increase public awareness about the shortcoming of the dual track program and to curtail the questionable practices of some banks servicing delinquent mortgages. Financial analysts have been disappointed with the performance of loan modification applications like the federal government’s Property Reasonably priced Modification Strategy (HAMP) which has completed little to decrease the number of foreclosures. The quantity of mortgage modifications in 2010 actually fell 58% from the April 2009 peak.

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“It’s very essential for residence owners taking into consideration loan modification to comprehend how this much less than simple procedure performs and to be fully conscious of all its implications. Banks have been less than forth-coming disclosing information. Totally free foreclosure counseling is obtainable to customers from government-authorized agencies. Several home owners have also lost their houses due to errors created by banks in the course of the convoluted dual tracking method. When this has occurred, it is very hard to reverse a residence foreclosure sale and to repair the harm caused to all parties. Monetary rescue and bankruptcy lawyers are seeing far more of these instances every week,” says Fonfrias.

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Get in touch with Details:&#13

Richard G. Fonfrias, J.D.&#13

Fonfrias Law Group, LLC&#13

Very first National Plaza&#13

70 West Madison, Suite 1400&#13

Chicago IL 60602&#13

Phone: 312-969-0730 &#13

http://www.chicagomoneylawyer.com

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About Fonfrias Law Group: Chicago’s financial rescue and bankruptcy lawyer Richard Fonfrias of Fonfrias Law Group is prepared to help Illinois home owners in serious economic trouble and shoppers facing mounting monetary debt. With eighteen offices serving Chicago and communities all through Illinois, Florida and California, Fonfrias Law Group provides all types of bankruptcy legal services, tax defense, debt consolidation, negative credit repair, foreclosure defense, credit card debt management, loan and mortgage refinancing tips. To uncover out how Chicago’s experienced financial rescue and bankruptcy legal group can support you, get in touch with 312-969-0730 or inquire on the web. http://www.chicagomoneylawyer.com

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More Loan Modification Services Press Releases

Bank of America Wants Death Certificate of Living Consumer to Approach Loan Modification

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San Diego, CA (PRWEB) March 15, 2012

Bank of America never ever questioned how independent filmmaker De Veau Dunn could be making mortgage payments from six feet beneath. They just kept sending letters, for months, saying they needed his death certificate in order to modify his house loan. So Dunn, along with San Diego based production firm Endi Entertainment, produced a video about the whole story.

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Throughout the loan modification procedure Bank of America had repeatedly requested and received the exact same documents from Dunn. Then the bank claimed to want homeowner Dunn to send official documents proving he was deceased, in order to complete his loan modification.

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At very first I gave Bank of America the benefit of the doubt, thinking they had created a mistake,” stated Dunn. ” I immediately contacted the bank to inform them that, not only was I still alive, but I was the only borrower on my house loan, and I was nevertheless seeking a modification.

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Dunn mentioned he spent several weeks creating phone calls, writing letters and emailing the bank’s client relations manager. Right after a lot more than a month of back and forth with Bank of America and nevertheless getting nowhere, Dunn received a new letter requesting not only his death certificate, but a statement of death benefits to go along with it.

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Dunn explained , “It was at that point that I’d had sufficient and I he decided to make a documentary about the expertise. I did not know what else to do, the expertise has been unsettling, on a lot of levels, said Dunn. What should have been a straightforward economic transaction turned into a relentless nightmare. It was weird. I felt like I was fighting for my life. At one particular point a representative laughed about it more than the phone I was in shock.”

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“I made this film not just for myself, but so that it might be the voice of numerous other people who may be becoming treating this way by lending institutions. I have been told several stories of older folks that some banks are bullying and most of those individuals don’t have a voice, according to Dunn.

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Dunn began his video with a $ 50 price range. Money is tight, but thankfully I had a handful of filmmaking friends that wanted to assist me. We shot the whole factor in a single weekend, and I did the voice-more than narration myself.” according to Dunn. Comedian Mark Serritella was so upset when he heard what the bank was carrying out that he asked to play Dunn in the film in exchange for gas funds and a location to crash. One more actor-filmmaker buddy, Nicholas George, helped polish the script and flew to San Diego to play the undertaker in the Bank of America Wants You to Die documentary.

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“Mark Serritella actually captured the feelings and Nicholas George was hilarious in the video,” mentioned Dunn. “After I shot the last scene for Portion One, I ultimately began to feel like all of this hardship had a greater purpose. Like the story of David versus Goliath, said Dunn. In this case, a modest bank buyer like myself is becoming bullied by the biggest bank in America, Bank of America. I didnt know what else to make of it other than is seems as although Bank of America wants you to die… prior to they modify.

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About Banking Poor: The Banking Bad documentary series about Dunn’s story may possibly speaks to an whole nation caught in a financial and housing crisis. You can find the video on the “Banking Undesirable” web site or at http://www.YouTube.com/BankingBad.

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Kramer Kaslow Files Suit Against Ally Bank

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Calabasas, CA (PRWEB) April 21, 2011

Kramer-Kaslow, has filed a mass joinder lawsuit against Ally Bank, N.A. (ALLY) in Los Angeles Superior Court (Kennedy v. Ally, Case number BC459747) in what is potentially the most considerable and precedent-setting legal action taken against lenders as a result of the national foreclosure crisis, it was announced today by Philip Kramer, Esq. of Kramer &amp Kaslow.

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The firm has filed suit on behalf of a mass joinder of plaintiffs in search of damages and injunctive relief as a outcome of what it says is the bank’s alleged fraud and several violations of Local, State, and Federal consumer protection laws. Relief is being sought for alleged fraud, to cease the alleged illegal sale of plaintiffs residences, to force the bank to cease and desist from their alleged outrageous conduct, as properly as to seek compensatory damages on behalf of the plaintiffs.

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The lawsuit alleges that ALLY perpetrated a enormous fraud, also constituting unfair competition upon borrowers that devastated the values of their residences, resulting in the loss of net worth even as ALLY enriched itself by knowingly selling financial instruments primarily based on a value the bank knew to be unwarranted. The suit also alleges that ALLY further intended to deprive quite a few rights and treatments for the problems they caused the borrowers and Mr. Kramer says that he believes that the harm accomplished to the plaintiffs is exceeded only by the scale of the banks conduct as asserted in the plaintiffs suit.

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According to court documents, the lawsuit claims the bank disregarded underwriting requirements and implemented a enormous fraud that was concealed from borrowers and other mortgagees on an unprecedented scale. The lawsuit alleges that, as a outcome of the banks actions, borrowers lost equity in their homes, their credit ratings and histories have been destroyed and they incurred unnecessary fees and expenditures.

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Mr. Kramer says the lawsuit also challenges the alleged fraudulent and illegal use of MERS in connection with the loans and mortgages, as nicely as the defendants alleged failure to execute their obligations pursuant to accepting TARP funds.

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The lawsuit’s filing coincides with a current decision in a class action suit that invalidated far more than 10,000 foreclosure circumstances managed by GMAC Mortgage simply because affidavits in the circumstances had been signed by a GMAC robo-signer who, according to court documents, attested to the authenticity of foreclosure documents without having any information about them, as effectively as signing other false statements in the case Manson v. GMAC Mortgage LLC, 08-cv-12166, U.S. District Court, District of Massachusetts (Boston).

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I am convinced that for the very first time that aggrieved homeowners are going to get a fighting opportunity, says attorney Philip Kramer. Till now, the banks have had their way, employing and abusing the technique at the expense of distressed homeowners across the nation. Now, soon after years of abusing home owners and the greater public, the bank bullies are obtaining a great stiff legal punch in the nose.

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ABOUT PHILIP KRAMER&#13

PHILIP A. KRAMER is the senior companion of the Law Workplace of Kramer &amp Kaslow, in Calabasas, California. Kramer &amp Kaslow is a Martindale Hubbell AV rated. Mr. Kramer is a perennial recipient of the prestigious Southern California Super Lawyer award.

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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 organization litigation, and actual property matters. He has prosecuted and defended circumstances for over twenty 5 years.

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Mr. Kramer is a licensed actual estate broker and has spent considerable time offering legal services in connection with actual estate problems relating to loan modification and loss mitigation, land use and zoning, environmental issues, easements, construction and development, finance, and landlord tenant matters.

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Mr. Kramer is admitted to practice prior to all courts in the State of California, the United States Supreme Court and the United States Court of Military Appeals. Mr. Kramer has attempted in excess of 200 instances. He has appeared on nationally televised applications relating to pre-trial process and trial approach 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 different legal and business problems.

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Mr. Kramer serves also as a Judge Pro Tem for the Los Angeles Superior Court and as a Mediator.

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Mr. Kramer is also a previous president of the Los Angeles West Inns of Court, a national organization dedicated to bringing back professionalism and civility into the legal profession. He also serves on quite a few Boards of Directors and serves as an officer in several businesses. For more information, visit http://www.kramer-kaslow.com.

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Bank of America Loan Modification video Bank of America Desires You to Die reaches over 11,000 views in its first week on the new Banking Poor YouTube Channel

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San Diego, CA (PRWEB) March 28, 2012

When Director De Veau Dunn created the Banking Negative video series for a brand new web site named http://www.BankingBad.com, he had no thought his initial video release, Bank of America desires you to die ahead of they modify, would attain effectively more than 11, 000 views in its initial week of release on YouTube. Dunn Developed the video with San Diego based production company Endi Entertainment. It has been amazing, says Dunn, Banking Negative started the new channel with zero subscribers, but a couple of underground sources latched on to the video quite rapidly it seems.

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The 1st episode of the Banking Undesirable Documentary series was filmed to spotlight Bank of Americas continued request for the death certificate of a living borrower in order to total a residence loan modification. We had been hoping that the video did nicely and was entertaining, but we had know thought so several men and women were getting problems receiving their property loan modifications until we began receiving emails. I believe this may be why folks have gravitated to the Bank of America Desires You to Die video so speedily. We have received so numerous emails from folks who are possessing unfavorable experiences with Bank of America loan modifications, as well as a lot of other banks. These men and women have been thanking the men and women over at Banking Bad as effectively as my crew for posting the 1st Banking Poor video, says Dunn.

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This initial optimistic response has prompted the individuals at Banking Bad to generate a Banking Poor Facebook page to go along with the Banking Negative Video knowledge. Banking Undesirable is inviting people to like the new page at https://www.facebook.com/BankingBad, as well as comply with Banking Undesirable on twitter at https://twitter.com/#!/BankingBad, for video updates on the banking documentary.

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Dunn added, it was a actual challenge to locate humor in the morbid scenario that Bank of America created by requesting a Death Certificate for a straightforward financial transition. I was able to craft a bit of humor in element a single of the Bank of America documentary via a satirical scene I utilized at the finish of the video. The majority of folks that have reached out to us by way of e-mail described their enjoyment of that scene and how the video had similarities to their loan modification encounter. The very first Banking Bad video is about 7 minutes in length and the satirical scene Dunn mentions is toward the end of component one. Filmmaker Nicholas George stars in the scene playing an undertaker. Dunn continues, Oddly sufficient individuals have been writing in about how funny Nicholas was in that scene. Personally I think it added a small levity to a extremely tough circumstance, and I am shocked to see how many individuals have been watching the Banking Bad video for pure entertainment and have no involvement or experience with loan modifications.

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About Banking Bad:&#13

The Banking Undesirable internet site and YouTube channel is dedicated to educating and informing the public of strange or immoral activities involving banking institutions. Banking Poor permits users to join in the conversation and exchange info about their most current loan modification or banking pitfalls and/or successes.

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Kramer-Kaslow: U.S. Foreclosure Procedures Could Lead to More Bank Accountability

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Calabasas, California (PRWEB) May possibly 02, 2011

According to the New York Times, many of the nations prime mortgage servicers are acquiring prepared to sign agreements with regulatory officials to reform the way they deal with foreclosure procedures.

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According to the article, sources who asked not to be named due to the fact the talks among the servicers and regulators are confidential, say there will be substantive adjustments to the ways banks and servicers do enterprise going forward. Homeowners will have a single get in touch with point rather than becoming shuttled back and forth amongst random servicing staff, bank and servicing personnel will acquire a lot more training, and oversight of the lenders and servicers will be assigned to third parties in all likelihood this will be performed by law firms. In addition, servicers will agree to halt foreclosure proceedings while loan modification discussions are ongoing. Yet another component of the agreement ostensibly provides for a compensation pool for folks who have been wronged.

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Lawyer Philip Kramer of the law firm of Kramer &amp Kaslow feels the alterations are lengthy overdue. Lenders have been abusing property owners for years, Kramer says when contacted for a comment. What I see right here is banks agreeing to a bare minimum standard, one thing that ought to have been in location all along. The agreement doesnt begin to rectify the enormous wrongs that have been perpetrated. And these wrongs took spot more than a lengthy period of time. This strikes me as an try to stay away from responsibility rather than accepting responsibility.

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Philip Kramer applauds the new rules but nevertheless feels that this is the bare minimum banks must have been undertaking all along. When the pressures on, people have a tendency to see the light, says Kramer. I have observed a lot of jailhouse conversions in my time. And thats what this feels like to me. The compensation system is probably to be entirely insufficient. My guess is that the banks are trying to get ahead of the Attorneys Generals and the civil law suits that are generating their way via the system.

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According to Kramer, the proposed settlement agreement would be with bank regulators. He says the fifty Attorneys General, representing all the states in the union, are also conducting their own discussions with lenders and recently met at the Justice Division. Lenders appear to be positioning themselves to accept new regulations covering their activities even as they attempt to cut a separate deal with the Attorneys Generals and the Justice Department, says Kramer.

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Philip Kramer feels that the banks have ultimately begun to acknowledge what he calls their outrageous conduct. Theyve recognized that what they have carried out is not going to be swept below the carpet, says Kramer. The American public has finally woken up to the egregious nature of the banks behavior. The banks get that. There is a lot of wrongdoing to be undone here. Frankly, what were seeing now strikes me as too little, too late.

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http://www.nytimes.com/2011/04/06/company/06mortgage.html?_r=1&ampref=business&#13
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ABOUT PHILIP KRAMER&#13

PHILIP A. KRAMER is the senior companion of the Law Office of Kramer &amp Kaslow, in Calabasas, California. Kramer &amp Kaslow is Martindale Hubbell AV rated. Mr. Kramer is a perennial recipient of the prestigious Southern California Super Lawyer award.

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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 true property matters. He has prosecuted and defended situations for over twenty 5 years.

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Mr. Kramer is a licensed real estate broker and has spent considerable time offering legal solutions in connection with genuine estate troubles relating to loan modification and loss mitigation, land use and zoning, environmental concerns, easements, building and improvement, finance, and landlord tenant matters.

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Mr. Kramer is admitted to practice prior to 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 applications with regards to pre-trial procedure and trial method and has appeared as a guest lecturer on topics ranging from constitutional law to trial practice, and Mr. Kramer often lectures on a broad spectrum of numerous legal and company issues.

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Mr. Kramer also serves as a Judge Pro Tem for the Los Angeles Superior Court and as a Mediator.

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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 several companies. For a lot more details call (818) 224-3900 or pay a visit to http://kramer-kaslow.com

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The Law Offices of Kramer Kaslow: Bank of America CEO Speaks At State Attorneys Basic Summit

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Calabasas, California (PRWEB) June 04, 2011

MSNBC recently reported that during the state attorneys common summit, Bank of America Corp. Chief Executive Officer Brian Moynihan said that property owners could have to appear elsewhere for extended-term investment returns. He opines further that some locations of the nation could not rebound at all.

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Its worth placing the remarks in context, observes Philip Kramer, senior companion at the law firm of Kramer &amp Kaslow, Bank of America is in problems. Regulators, Justice Department officials, and court instances are coming at them proper and left. Theyre crying poor.

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The MSNBC article reports that Moynihans argument is that low population growth in some regions of the country will lessen demand and consequently act as a downward pressure on home prices.

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“It’s sobering to consider, but some people should not be thinking of (their property) as an asset,” Moynihan stated at the 2011 National Association of Attorneys Basic conference. “They need to be considering of it as a great location to live.”

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Philip Kramer sees it differently. Kramer feels that property owners, faced with an at best uncertain future, have to do every thing in their energy to readjust their home values now. For greater or worse, for possibly the initial time in history, banks are speaking with homeowners about modifying loans and producing other adjustments. Kramer observes. Now is the time to get things to happen. Even if it has to be completed by means of the courts. Judges are listening to homeowners arguments about bank wrongdoing in a way they by no means would have a decade earlier.

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As Kramer sees it, element of the banks obligation is to reduced house values to their existing marketplace valuations, rather than the inflated amounts at which the loans were initially made. Appear, says Kramer. The banks are working with homeowners because theyre beneath duress. There is nothing noble or nicely-intended in the situation, but even so, even although they are becoming dragged into producing adjustments kicking and screaming, even with all of that, it is taking place. Also slow. Too tough. Too time-consuming. But for the initial time, with a lot of obstacles, home owners have a fighting opportunity to come out ahead. Theyre going to have to fight tough, but they just may win for when.

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http://www.msnbc.msn.com/id/42556230/ns/organization-true_estate/

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ABOUT PHILIP KRAMER&#13

PHILIP A. KRAMER is the senior partner of the Law Office of Kramer &amp Kaslow, in Calabasas, California. Kramer &amp Kaslow is Martindale Hubbell AV rated. Mr. Kramer is a perennial recipient of the prestigious Southern California Super Lawyer award.

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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 company litigation, and real home matters. He has prosecuted and defended instances for over twenty 5 years.

&#13

Mr. Kramer is a licensed genuine estate broker and has spent considerable time delivering legal solutions in connection with genuine estate troubles relating to loan modification and loss mitigation, land use and zoning, environmental problems, easements, building and improvement, finance, and landlord tenant matters.

&#13

Mr. Kramer is admitted to practice prior to 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 instances. He has appeared on nationally televised programs regarding pre-trial process and trial approach and has appeared as a guest lecturer on topics ranging from constitutional law to trial practice, and Mr. Kramer regularly lectures on a broad spectrum of a variety of legal and company troubles.

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Mr. Kramer also serves as a Judge Pro Tem for the Los Angeles Superior Court and as a Mediator.

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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 several Boards of Directors and serves as an officer in a lot of businesses. For a lot more information call (818) 224-3900 or pay a visit to http://kramer-kaslow.

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