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.

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.

Lawyer Philip Kramer of the law firm of Kramer & 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.

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.

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.

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.

http://www.nytimes.com/2011/04/06/company/06mortgage.html?_r=1&ref=business

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 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.

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.

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.

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

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

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