Calabasas, California (PRWEB) June 19, 2011
The Law Offices of Kramer and Kaslow released comments from lead attorney Philip Kramer with regards to the most recent Huffington Post write-up on the findings of the Congressional Oversight Panel. According to the article, the Congressional Oversight Panel, a federal watchdog produced to keep tabs on the bailout, says that the “robo-signing of affidavits served to cover up the reality that loan servicers can’t demonstrate the details necessary to conduct a lawful foreclosure. In essence, banks might be unable to prove that they personal the mortgage loans they claim to own,” the panel mentioned.

The write-up also quotes Sheila Bair, the chairman of the Federal Deposit Insurance Corporation. Blair stated at a Senate panel last month that “flawed mortgage banking processes have potentially infected millions of foreclosures. The extent of the loss cannot be determined until there is a extensive review of the loan files and documentation of the approach dealing with difficulty loans,” she added.

The Huffington Post reports that regardless of that appraisal, Bair, along with Treasury Secretary Timothy Geithner and Shaun Donovan, secretary of Housing and Urban Development, have stated they want a quick settlement.

Philip A. Kramer, a Southern California lawyer whose law firm Kramer & Kaslow has launched half a dozen consolidated plaintiff litigation suits against banks for such behavior commented. Of course they want to settle this swiftly,” mentioned Kramer. “If the wrongdoing by the banks is looked at closely, if it is looked at systemically, I suspect that it may possibly effectively turns out there are are hundreds of thousands of loans, maybe millions and that is not an exaggerated quantity for which the banks merely do not have the suitable paperwork to legally foreclose, significantly less prove ownership.

According to the Huffington Post report, Kramers views are getting some significant help as the Attorneys Basic of all 50 states look into the matter. The write-up says that New York Lawyer Common Eric Schneiderman has been specifically aggressive and has targeted Bank of America, the most significant U.S. bank by assets, in a new probe that questions the validity of potentially thousands of mortgage securities and their associated foreclosures, two individuals familiar with the matter stated.

The Huffington Post reports that, The inquiry could prove explosive: Wall Street’s excellent mortgage securitization machine took millions of house loans and bundled them into securities for sale to investors. If the legal measures that guide securitization — like taking mortgage documents from a single party to yet another, a crucial step below New York law — had been not undertaken, then the investors who bought the bundled loans could force the companies to acquire them back, compelling them to eat huge losses.

Philip Kramer is swift to point out that there is yet another conclusion to Schneidermans investigations. If the New York Lawyer Common finds that these securities aren’t valid economic instruments at all they could take action under state law. They may finish up awarding the houses to the borrowers simply because the banks can not prove ownership.

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

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

Mr. Kramer received his undergraduate degree from Ohio State University and his Juris Doctorate from the Catholic University of America, in Washington, DC. His practice emphasizes commercial litigation and trial advocacy, with a concentration on company litigation, and actual property matters. He has prosecuted and defended circumstances for over twenty 5 years.

Mr. Kramer is a licensed actual estate broker and has spent considerable time delivering legal solutions in connection with real estate problems 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 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 regarding pre-trial process and trial technique 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 various legal and organization troubles.

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

Mr. Kramer is also a past president of the Los Angeles West Inns of Court, a national organization dedicated to bringing professionalism and civility back into the legal profession. He also serves on several Boards of Directors and serves as an officer in a lot of organizations. For far more info call (818) 224-3900 or go to http://kramer-kaslow.com

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