Calabasas, CA (PRWEB) June 17, 2011
The Law Offices of Kramer and Kaslow not too long ago released comments from their lead lawyer, Philip Kramer, with regards to the newest report from The Economic Instances. According to the British newspaper The Monetary Times, The Federal Reserve Bank of New York is investigating allegations that the mortgage servicing arm of Goldman Sachs failed to conduct acceptable reviews prior to denying borrowers a possibility to reduce their payments by means of a government loan modification programme.

When asked for a comment, the article says that the Fed confirmed that it was conducting an inquiry. The Financial Instances also reports, a individual familiar with the Goldman unit concerned, Litton Loan of Houston, Texas, mentioned loans were denied with no the suitable assessment beneath a denial sweep approach devised to clear a backlog of applications.

According to the post, the allegations had been brought to the Feds focus by the Monetary Times, which obtained a letter written by an anonymous Litton employee.

Consolidated plaintiff litigation lawyer Philip A Kramer who represents hundreds of clientele suing six of the nations largest banks, is familiar with Litton and feels that its practices mirror what he has observed at many other monetary institutions as properly.

You have a couple of items going on here, says Kramer. One, you can never underestimate incompetence. Undertrained, overworked employees deliberately lose paperwork so that they can claim they have met their quotas, when the dilemma really lies with incomplete files. That happens, but there are much more pernicious goings on as well. The banks are supposed to favor the government HAMP program, but in truth, if they are going to make a loan modification accommodation, they would rather use one particular of their own in-home applications which are normally much less generous to a homeowner.

According to The Monetary Occasions article, HAMP modifications are supposed to take priority more than non-governmental loan modification applications. However, the regulations establishing HAMP rules give no penalties. The write-up goes on the report that the letter received by the Fed from the particular person familiar with Litton said that at the very same time that the modifications beneath Hamp were becoming denied, Goldman was increasing non-government modifications for loans it retained on its books.

And that, Philip Kramer observes, is the heart of the problem. Bank greed is pitted against the needs of desperate property owners. The quality of mercy is not strained. Well, Im guessing that bank executives dont precisely take that to heart. When a bank is involved, I suspect greed is going to win out each and every time. At the expense of the homeowner, Im afraid.

Far more of Philip Kramers observations can be located at the Kramer Kaslow weblog.

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

Mr. Kramer received his undergraduate degree from Ohio State University and his Juris Doctorate from the Catholic University of America, in Washington, DC. His practice emphasizes industrial litigation and trial advocacy, with a concentration on organization litigation, and real house matters. He has prosecuted and defended circumstances for more than twenty five years.

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

Mr. Kramer is admitted to practice just 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 applications concerning pre-trial procedure and trial approach 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 different legal and business concerns.

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

Mr. Kramer is also a previous 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 numerous firms. For far more data call (818) 224-3900 or pay a visit to http://kramer-kaslow.com

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