Tag Archives: Banks

Kramer and Kaslow: New York Attorney General Investigating Major Banks

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Calabasas, CA (PRWEB) June 13, 2011

The Law Offices of Kramer and Kaslow lately commented on a Could 16th New York Instances report that reports the New York lawyer general is looking into 3 key Wall Street Banks. According to the report, The New York lawyer common has requested info and documents in current weeks from three major Wall Street banks about their mortgage securities operations throughout the credit boom, indicating the existence of a new investigation into practices that contributed to billions in mortgage losses.

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In the post, not too long ago elected New York Lawyer Basic Eric T. Schneiderman declined to comment but according to folks briefed on the matter who have been not authorized to speak publicly, Eric T. Schneidermans office have also requested meetings with representatives from Bank of America, Goldman Sachs and Morgan Stanley.

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Noted lawyer Philip Kramer, senior companion at the law firm of Kramer &amp Kaslow observes, A lot of wrongdoing has been uncovered in civil cases. The Attorneys Basic are late to the game, but they will certainly benefit from our legal operate as will homeowners.

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Far more of Philip Kramers comments can be identified at the Kramer and Kaslow blog.

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

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Mr. Kramer is a licensed genuine estate broker and has spent considerable time delivering legal services in connection with actual estate concerns relating to loan modification and loss mitigation, land use and zoning, environmental problems, easements, construction 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 situations. He has appeared on nationally televised applications concerning 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 frequently lectures on a broad spectrum of numerous legal and organization concerns.

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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 quite a few Boards of Directors and serves as an officer in many businesses. For a lot more info call (818) 224-3900 or visit http://kramer-kaslow.com

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Law Offices of Kramer and Kaslow: New York Bank Investigation Could Leave Banks Facing Charges

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Calabasas, CA (PRWEB) June 13, 2011

The Law Offices of Kramer and Kaslow is weighing in on a new report from the New York Times that claims that the New York lawyer general is investigating big banks for alleged wrongdoing. According to the Might 16 New York Times report, The New York attorney common has requested details and documents in current weeks from three significant Wall Street banks about their mortgage securities operations for the duration of the credit boom, indicating the existence of a new investigation into practices that contributed to billions in mortgage losses.

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Not too long ago elected New York Lawyer Common Eric T. Schneiderman declined to comment but according to folks briefed on the matter who were not authorized to speak publicly, Eric T. Schneidermans workplace have also requested meetings with representatives from Bank of America, Goldman Sachs and Morgan Stanley.

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The post also spoke with Daniel C. Richman, a professor of law at Columbia. Element of what prosecutors have the benefit of carrying out proper now, here as elsewhere, is watching the civil suits play out as diverse parties fight over who bears the loss, mentioned Richman. Thats a extremely productive supply of details.

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Noted attorney Philip Kramer, senior companion at the law firm of Kramer &amp Kaslow whose consolidated litigation plaintiffs have been suing banks for their foreclosure practices agrees with Richman, A lot of wrongdoing has been uncovered in civil circumstances. What is specifically fascinating about the New York Attorney Generals method is that they appear to have picked up on some of the problems we have utilized in our suits: fraud and greed in the securitization process being essential elements.

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More of Philip Kramers comments can be discovered at the Law Offices of Kramer and Kaslow weblog.

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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 enterprise litigation, and genuine home matters. He has prosecuted and defended cases for over twenty five years.

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

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Mr. Kramer is admitted to practice ahead of 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 cases. He has appeared on nationally televised applications relating 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 regularly lectures on a broad spectrum of various legal and organization 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 devoted to bringing professionalism and civility back into the legal profession. He also serves on quite a few Boards of Directors and serves as an officer in a lot of businesses. For far more info get in touch with (818) 224-3900 or pay a visit to http://kramer-kaslow.com

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The Law Offices of Kramer and Kaslow: Justice Division Alleges Massive Banks Violated Servicemembers Civil Relief Act

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Calabasas, CA (PRWEB) June 14, 2011

Philip Kramer, lead lawyer for the Law Offices of Kramer and Kaslow is sharing his thoughts on the recent settlement between the Justice Division and two of the nation’s largest banks. The New York Instances reports on a settlement agreement in between the Justice Department and two banks accused of violating the Servicemembers Civil Relief Act, a federal law that extends an array of monetary and legal protections to military personnel.

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According to the New York Instances, The Justice Department announced on Thursday that it had simultaneously filed and settled lawsuits against the two firms a subsidiary of Bank of America formerly recognized as Countrywide Property Loans Servicing, and Saxon Mortgage Services, a subsidiary of Morgan Stanley.

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The New York Instances goes on to report, The organizations have been accused of knowingly and repeatedly violating the Servicemembers Civil Relief Act, a federal law that extends an array of financial and legal protections to military personnel. Particularly, the organizations had been accused of ignoring a provision of the law that necessary them to get court orders before foreclosing on active-duty service members.

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Countrywide Home Loans failed to protect and respect the rights of our servicemembers, failed to comply with clearly mandated procedures and foreclosed against property owners who are valiantly serving our nation, Andr

Kramer and Kaslow: Attorneys Basic Stepping Up Stress On Banks

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Calabasas, CA (PRWEB) June 15, 2011

The Law Offices of Kramer and Kaslow released comments today relating to the most current news report from Bloomberg News on the escalating scrutiny banks are facing from state attorneys basic. Bloomberg News reports that Bank of America Corp. (BAC) faces increased stress from two attorneys common to adjust its mortgage- servicing and foreclosure practices as states stated the bank and 4 other servicers may possibly face $ 17 billion in claims.

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According to the Bloomberg News article, Utah Attorney Basic Mark Shurtleff accused Bank of America of breaking state law, although Connecticut Lawyer Common George Jepsen said, The bank failed to repair effectively- documented difficulties in its mortgage-servicing business, according to letters released by their offices yesterday.

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The write-up went on to say that their demands, along with subpoenas issued to Lender Processing Solutions Inc. (LPS) by attorneys general in California and Illinois, had been created public the day following state officials told the five largest mortgage servicers, They could face civil lawsuits in search of $ 17 billion if they dont settle the nationwide investigation. This was according to a individual familiar with the matter who declined to be named in the post since the talks are private.

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Philip A. Kramer, senior partner at the law firm of Kramer-Kaslow observes, Its usually difficult to know specifically what is going on behind the scenes, but this news suggests that the aggressive attorneys basic have decided to strike out on their personal and not wait for a watered down resolution from federal government regulatory bodies. If so, thats good news for homeowners.

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A lot more of Philip A. Kramers analysis can be found at the Law Offices of Kramer and Kaslow blog.

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About Philip Kramer&#13

Philip A. Kramer is the senior partner of the Law Workplace 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 industrial litigation and trial advocacy, with a concentration on organization litigation, and real house matters. He has prosecuted and defended situations for over twenty five years.

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

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Mr. Kramer is admitted to practice ahead of 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 regarding pre-trial process and trial technique and has appeared as a guest lecturer on subjects ranging from constitutional law to trial practice, and Mr. Kramer regularly lectures on a broad spectrum of different legal and organization concerns.

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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 devoted 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 firms. For far more info get in touch with (818) 224-3900 or visit http://kramer-kaslow.com

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Associated Loan Modification Services Press Releases

Kramer and Kaslow: California Investigates Florida Firm that Processes Foreclosures for Major Banks

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Calabasas, CA (PRWEB) June 16, 2011

Lead attorney at the Law Offices of Kramer and Kaslow, Philip Kramer, is weighing in on a recent Los Angeles Times report relating to the California attorney general’s investigation of foreclosure practices. The Los Angeles Times is reporting that state Atty. Gen. Kamala Harris subpoenas documents from Lender Processing Services Inc.

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The post says that, California Atty. Gen. Kamala D. Harris is investigating an obscure Florida firm that processes foreclosures for a lot of of the nation’s significant monetary institutions, as she intensifies her examination of repossession practices in the Golden State.

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According to the L.A Times, The state’s top law enforcement officer subpoenaed Lender Processing Services Inc. of Jacksonville, Fla., a organization that handles loans in default on behalf of numerous main banks. The subpoena calls for LPS to generate documents and offer written answers to queries from the attorney general’s office by June 24.

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“California homeowners have been exposed to fraud and crime at each and every step of the mortgage procedure,” Attorney Common Harris said in the LA Occasions article. “Justice demands we come to their help, and a key step in that is to investigate robo-signing and the prospective for inaccurate or unjust foreclosures.”

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In the article, Harris emphasized that California property owners could have fallen victim to robo-signers who didn’t confirm the accuracy of the documents they had been placing their names on and, in some situations, failed even to study the documents. Typically, folks signed thousands of times a day, she mentioned.

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In her statement, Harris warned that the dangers posed by robo-signing are “particularly unsafe” in non-judicial foreclosure states such as California, as there is no judicial oversight of the foreclosure approach.

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Philip A. Kramer, a California-based attorney whose consolidated plaintiff litigation lawsuits are difficult six of the nations major banks thinks Harris is on the appropriate track. As I have prosecuted hundreds of situations on behalf of my clients, robo-signing is a fraudulent bank practice that happens so typically that I have almost come to believe that a non-robo-signed bank document might be the exception rather than the rule.

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A lot more of Philip A. Kramers observations could be located at the Kramer and Kaslow blog.

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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 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 industrial litigation and trial advocacy, with a concentration on business litigation, and true property matters. He has prosecuted and defended circumstances for over twenty five years.

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Mr. Kramer is a licensed true estate broker and has spent considerable time providing legal services in connection with true estate problems 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 ahead of 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 procedure and trial technique and has appeared as a guest lecturer on subjects ranging from constitutional law to trial practice, and Mr. Kramer often lectures on a broad spectrum of various legal and business problems.

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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 committed to bringing professionalism and civility back into the legal profession. He also serves on many Boards of Directors and serves as an officer in several businesses. For a lot more info contact (818) 224-3900 or check out http://kramer-kaslow.com

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

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Calabasas, CA (PRWEB) June 17, 2011

Philip Kramer, lead attorney for Kramer Kaslow, not too long ago released comments concerning a Wall Street Journal post detailing the foreclosure crisis. Sheila Bair, chairman of the Federal Deposit Insurance coverage Corp., is quoted in the article from her testimony to a Senate committee final month. “Flawed mortgage-banking processes have potentially infected millions of foreclosures, and the damages against these operations could be considerable and take years to materialize,” said Blair.

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

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The Wall Street Journal reports that, This year, cases in California, North Carolina, Alabama, Florida, Maine, New York, New Jersey, Texas, Massachusetts and other folks have raised inquiries about regardless of whether banks effectively demonstrated ownership.

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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 nations six largest lenders. He comments, I believe that the Maine Supreme Court is appropriate. I also believe that the difficulty is widespread universal.

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Laurence E. Platt, a banking-market lawyer at K&ampL Gates in Washington, concedes in the write-up that banks might have been sloppy. But he says, “the genuine assault on the legal program,” are efforts by judges and regional officials to strip lenders of their rightful ownership and make foreclosures impossible.

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Philip A. Kramer could not disagree a lot more strongly. If Laurence Platts point of view prevails, then we may possibly 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? These dont genuinely matter. The banks have been receiving away with murder. Finally, it seems to be coming to an finish.

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Far more of Philip A. Kramers comments can be found at the Kramer Kaslow weblog.

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ABOUT PHILIP KRAMER&#13

PHILIP A. KRAMER is the senior partner of the Law Workplace 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 actual property matters. He has prosecuted and defended situations for over twenty 5 years.

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

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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 circumstances. He has appeared on nationally televised applications relating to pre-trial process and trial technique and has appeared as a guest lecturer on subjects ranging from constitutional law to trial practice, and Mr. Kramer often 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 numerous Boards of Directors and serves as an officer in several businesses. For a lot more info contact (818) 224-3900 or pay a visit to http://kramer-kaslow.com

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The Law Offices of Kramer and Kaslow: A New Foreclosure Trend – Home owners Take Banks Home

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Calabasas, CA (PRWEB) June 17, 2011

Philip Kramer, lead lawyer for Kramer Kaslow, recently commented on the New York Times coverage of the reverse foreclosure trend. According to the New York Occasions write-up, a new trend could be starting in the foreclosure crisis: homeowners foreclosing on lenders. The New York Occasions reports, Owners of a house in Florida have engineered a reverse foreclosure against a bank. That makes two so far this year.

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The post says that earlier this year, Patrick Rodgers, a goth and industrial music event promoter in Philadelphia became miffed since his mortgage lender, Wells Fargo, was creating him carry what he deemed excessive insurance on his residence. Making use of the Genuine Estate Settlement Procedures Act to his benefit, he filed suit and wound up with a sheriffs notice authorizing the sale of the contents of a Wells Fargo branch.

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The New York Times reports on another couple who did battle with their lender and won, A couple in Naples, Fla., have foreclosed on a Bank of America branch following the bank managed to foreclose on their property even even though they by no means had a mortgage on it.

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According to reports in The Naples News, Time and elsewhere, Warren Nyerges and his wife paid $ 165,000 in money to purchase the house from the bank, and never ever borrowed against it. But last February, in an apparent case of mistaken house identity, the bank started foreclosure proceedings against them.

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The couple hired a lawyer and the bank action was ultimately abandoned, but the couple then went to court and got a judgment for about $ two,500 in attorneys fees.

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When the bank didnt spend, their lawyer, Todd Allen, showed up at a regional bank branch final week with sheriffs deputies and a moving truck to start cleaning out the constructing. Not extended after, the bank paid them a lot more than $ 5,700, to cover the charges and further expenses.

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Attorney Philip A. Kramer, senior companion at the Kramer&amp Kaslow law firm represents hundreds of consolidated litigation plaintiff clientele who are suing banks for wrongful foreclosure practices. Stories like these are excellent exciting, says Kramer, but its essential to maintain in mind that these minor skirmishes do nothing at all to prevent the huge-scale abuse of home owners by lenders. We can all have a excellent chuckle at this, but we cant drop sight of just how critical it is when strong banking institutions wrongfully try to take peoples properties.

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Much more of Philip Kramers comments can be discovered at the Law Offices of Kramer and Kaslow blog.

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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 business litigation, and actual property matters. He has prosecuted and defended situations for over twenty five years.

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

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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 attempted in excess of 200 circumstances. He has appeared on nationally televised programs with regards to pre-trial procedure and trial strategy and has appeared as a guest lecturer on subjects ranging from constitutional law to trial practice, and Mr. Kramer regularly lectures on a broad spectrum of various legal and company problems.

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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 previous president of the Los Angeles West Inns of Court, a national organization committed to bringing professionalism and civility back into the legal profession. He also serves on many Boards of Directors and serves as an officer in numerous businesses. For much more details get in touch with (818) 224-3900 or check out http://kramer-kaslow.com

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Brookstone Law, Computer: New Federal Repair Poses Dangers for Victims of Loan Mismanagement and Wrongful Foreclosures by Banks

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Newport Beach, CA (PRWEB) November ten, 2011

Even though aggrieved home owners ensnared by a foreclosure technique riddled with misconduct could get their first shot at receiving resolution from the banks, homeowners need to not assume their rights will be protected by the not too long ago announced federally mandated settlements, according to Vito Torchia, Jr., managing attorney of Brookstone Law Pc.

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According to current media coverage, fourteen mortgage servicers acting under orders from federal regulators have begun mailing out letters to possible victims of wrongful foreclosure practices inviting borrowers to submit their circumstances for a free of charge evaluation by independent consultants that are funded by the lenders but vetted by regulators.

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There are substantial issues with this so-called solution, the most essential of which is that the regulators have not released data about how they will establish how much to compensate borrowers discovered to have been foreclosed on improperly, said Vito Torhia, Jr. It funds a multi-million dollar national marketing campaign for the banks and it isn’t clear regardless of whether borrowers will have to give up rights to additional claims if they are compensated in some way.

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According to media coverage, mortgage servicers that agreed clean up their foreclosure practices and compensate victims incorporate JPMorgan Chase Bank, Bank of America Corp., Citibank and Wells Fargo &amp Co. Each mortgage servicer is necessary to mail one letter to every customer eligible for the assessment and about 70% of these potentially slated to obtain letters are still in their properties. The letters will go out to homeowners who had been in foreclosure in 2009 and 2010, a period identified by regulators as the peak of foreclosure misconduct. In addition to the mailings, an marketing campaign will begin shortly to get the word out to individuals potentially harmed by the errors.

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The banks have to send only one particular letter and they admit that completely thirty percent of these to whom they plan to send letters are not in their homes, which means numerous thousands who may possibly get aid will not even know about it, mentioned Vito Torchia, Jr. Homeowners who do not have expert legal counsel are likely to not get the settlements they deserve or and thousands are not even going to know about their opportunity to settle.

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Media coverage indicates that bank regulators claim the system will aid make certain that mortgage servicers provide proper compensation to borrowers who suffered economic harm as a outcome of improper practices.

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Its effortless for federal regulators with no skin in the game to throw out claims about how they are helping property owners victimized by the blunders of the banks and lenders, mentioned Vito Torchia, Jr. But it is obvious those without expert support are in the greatest jeopardy of losing an chance for a fair resolution — whether they get a single of the offer you letters or not.

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According to media coverage, the system is the initial tangible action to result from widespread revelations final year that banks made quite a few errors when foreclosing on troubled borrowers. Amongst other troubles, mortgage servicers employed so-named robo-signers, folks who signed foreclosure documents without having getting certified to sign or properly reviewing them, and foreclosed on homes from men and women even though they have been becoming actively reviewed for loan modifications.

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Now that the lenders are clearly admitting their culpability in widespread misconduct in mortgage loan due diligence, management and foreclosure, they are seeking to reduce their liability as considerably as feasible at the expense of shoppers. It is critical to note that more than 2 million individuals will lose their properties next year so this program barely scratches the surface of what they need to do to support these they have harmed, stated Vito Torchia, Jr.

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Media coverage also contains indications that the plan proposed by federal regulators could detract from ongoing efforts by state attorneys basic to a settlement with the nation’s largest banks more than faulty foreclosure and mortgage servicing practices making it tougher for states to assist homeowners hurt by the banks and the foreclosure crisis. Those negotiations continue even even though some states have voiced concern over the path of the talks and California has dropped out of them altogether.

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“There is no query, based on the design and intent of this system that federal regulators are more concerned about banks’ bottom lines than no matter whether banks follow the rules,” mentioned Vito Torchia, Jr. “It will be impossible to fix these troubles without costing the banks a excellent deal of funds, so there is wonderful concern about compromise options that favor banks more than property owners.”

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ABOUT BROOKSTONE LAW, Computer&#13

Headquartered in Newport Beach, Calif., and with offices in Los Angeles, Calif., and Ft. Lauderdale, Fla., Brookstone Law, Computer is a law firm comprised of attorneys with experience and accomplishment in business, corporate and private finance, employment, entertainment and media, art and museum, intellectual home and genuine estate law. The firm has a network of much more than 40 affiliate attorneys nationwide and employs extremely trained specialists, paralegals, paraprofessionals and administrative staff committed to serving clients. For information, get in touch with (800) 946-8655 or pay a visit to the Brookstone Law.com net web site at http://www.brookstonelaw.com.

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Lawyer Basic Coakley Sues Banks Over Foreclosures: McGeough Lamacchia Realty Concerns Response

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Waltham, MA (PRWEB) December 03, 2011

McGeough Lamacchia Realty, the #1 Listing Agency in Massachusetts, issued the following statement in response to the lawsuit brought against 5 main banks by Massachusetts Attorney Common Martha Coakley for alleged illegal foreclosures and loan servicing practices:

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Weve been saying this for years. Loan modifications have been the largest creator of false hope by banks and the government considering that this foreclosure crisis started, says John McGeough co-broker/owner of McGeough Lamacchia Realty.

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Coakley announced Thursday she is suing 5 national banks, Bank of America, Wells Fargo, JP Morgan Chase, Citi, and Ally Monetary (formerly GMAC), as nicely as Mortgage Electronic Registration Program, Inc. (MERS) and its parent, MERSCORP Inc., in connection with their roles in allegedly pursuing illegal foreclosures on properties in Massachusetts as nicely as deceptive loan servicing which includes loan modifications. (Commonwealth of Massachusetts v. Bank of America N.A., 11-4363, Suffolk County Superior Court, Boston).

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“The single most crucial point we can do to return to a healthful economy is to address this foreclosure crisis,” Coakley stated in a statement Thursday.

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Amongst other claims, Coakley alleges every single of the Bank Defendants deceived Massachusetts borrowers about loan modification specifications resulting in elevated and unnecessary defaults.

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For instance, the lawsuit alleges the Bank Defendants deceived Massachusetts borrowers by informing them they must be more than 60 days delinquent to get a loan modification, when the truth is that delinquency is not often necessary. In truth, if default is imminent, borrowers are supposed to be considered. Borrowers who otherwise could qualify for a loan modification were becoming improperly denied or dissuaded from applying.(1)

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I applaud the Massachusetts Lawyer Basic for including these loan modification practices in their suit. We have observed hundreds of home owners over the last three years stop paying their mortgage due to the fact they had been told they had to be late in order to be considered for a loan modification. Then following waiting months, the loan modification was denied. By this time, they are at least six months behind with no possibility of catching up, says Anthony Lamacchia, co-broker/owner of McGeough Lamacchia Realty.

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Trial modifications have been found to be deceptive as properly. Prior to June 2010, Bank of America converted only about 30% of trial modifications to permanent modifications. Wells Fargo reported a equivalent conversion rate for the time period, whilst Citi and Chase hovered at roughly 40%.Borrowers have been strung along in trial modifications for nine months or longer, subjecting them to plummeting credit scores and mounting delinquency amounts.(1)

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The Bank Defendants’ modification efforts have been so poor that, for the initial quarter of 2011, the United States Treasury Department withheld payment of the HAMP (Property Reasonably priced Modification Program) Servicer Incentives to Bank of America, Chase, and Wells Fargo, noting they have been in “require of substantial improvement.” (1)

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They have also been accused of writing loans and modifications they knew their clients could not afford and foreclosing on properties exactly where they were not the mortgage creditor.(1)

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We have been saying all along that distressed home owners want the truth more than anything. If they do not qualify for a extended term loan modification they deserve to know and to know swiftly so they have adequate time to explore other foreclosure options such as quick sales which give a graceful exit from a property if they are underwater and can no longer afford their house, stated Lamacchia.

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For a lot more data about the lawsuit, go to the New England Brief Sale Weblog

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1.Commonwealth of Massachusetts v. Bank of America N.A., 11-4363, Suffolk County Superior Court (Boston).

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