Tag Archives: Wall

Kramer Law: Wall Street Journal Reports on Most current Consent Orders for Banking Giants

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Calabasas, CA (PRWEB) June 02, 2011

According to the Wall Street Journal, Hopes are fading for a far-reaching settlement amongst regulators and banks more than improper house foreclosures as some regulators press ahead to reach their personal settlements with banks that other folks involved in the talks deem weak.

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The Wall Street Journal spoke with a spokesman for Iowa Lawyer Basic Tom Miller. “We are going to make a quite concerted effort at a extensive settlement that does not nip and tuck at the edges,” mentioned the spokesperson, who is spearheading the effort.

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The report also quotes Margot Saunders, a lawyer with the National Customer Law Center. “It positive appears like [regulators] are setting up the banks to be capable to go out and say to the attorneys general, ‘You cannot touch us,'” says Saunders.

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Philip Kramer, a perennial recipient of the Southern California Super Lawyer award, comments, What occurs subsequent? Philip Kramer isnt certain. It may possibly be that 1 settlement probably an early settlement trumps the other individuals. In that case, the first deal, possibly the easiest to make due to the fact it demands the least, will be what property owners get stuck with. Kramer hopes that isnt the case, but he is also glad that home owners have access to the courts for aid. Consolidated plaintiff litigation could effectively be the very best chance a homeowner has at getting a just resolution, he says. Its difficult to argue with that conclusion when the government seems determined to arrive at the speediest, least costly resolution for the banks.

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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 company litigation, and genuine property matters. He has prosecuted and defended cases for over twenty 5 years.

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Mr. Kramer is a licensed genuine estate broker and has spent considerable time providing legal solutions in connection with real estate issues relating to loan modification and loss mitigation, land use and zoning, environmental issues, easements, construction 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 applications concerning 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 different legal and organization 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 devoted to bringing professionalism and civility back into the legal profession. He also serves on many Boards of Directors and serves as an officer in many companies. For a lot more info contact (818) 224-3900 or visit 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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Far more Loan Modification Services Press Releases

National Forensic Loan Audit Experts featured in Wall Street Journal — Premier Loan Audit Firm Now Offering Solutions to the Public

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Beverly Hills, CA (PRWEB) July 28, 2010

National Forensic Loan Audit Professionals and Fidelity Commercial Capital, America’s top real estate finance specialists, had been not too long ago featured in the Wall Street Journal showcasing the one big company idea given to business owners to support them thrive in our present economy. The authorities featured are devoted to spreading expertise and awareness in their field of experience and creating important contributions to their sector and the marketplace as a entire.

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National Forensic Loan Audit Specialists which is a Firm that specializes in residential, commercial, and tough money loan audit services has recently opened its doors to home owners and buyers enabling the public to acquire these solutions straight from the supply. NFLAE has been viewed as America’s premier loan auditing firm to correspondent lending institutions, federal banking associations, law firms, wholesale lenders and direct lending institutions across the nation. National Forensic Loan Audit Professionals now desires to expand and concentrate their efforts on helping the common population far more efficiently receive the mortgages they deserve to be in. This break-through business is led by a quite efficient and skilled management group that is sure to make a large influence in an market that is in desperate need to have of help.

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National Forensic Loan Auditors is a national compliance management firm which provides professional, advisory, and consulting services to economic institutions, mortgage bankers, actual estate attorneys, consumer lending entities, and home owners. Our experience addresses all vital places connected with regulatory matters, compliance, and high quality control. NFLAE can assist clients in meeting the oversight of regulators, fair lending mandates, and preserving internal lending integrity and validation practices through independent top quality handle audits.

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National Forensic Loan Auditors gives you with the proof and help you can trust to aid you seek much better modification terms, restructuring of new terms, principal or price reduction, or continued discovery. With the greatest possible to alleviate “standard modification” setbacks and re-occurrence of default, certified and objective evidence assists simplify negotiations and stay making use of the information and help supplied by National Forensic Loan Auditors.

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A 2006, FDIC Office of Inspector Basic Report revealed:

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83% of the institutions examined had been cited for “significant” compliance violations

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43% of these institutions had been “repeat offenders”

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85% of those repeat offenders had been hugely rated by the FDIC for their in-location compliance procedure

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Our executive and management group consists of best-selling authors who are often sought out by the media to give professional opinions. A lot of have been featured on NBC, CBS, ABC and FOX affiliates as nicely as noticed in USA Nowadays, Newsweek, and the Wall Street Journal. Our management has a mission statement and passion for assisting folks and they are active in speaking with consumers frequently.

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Mr. McDevitt has a philosophy of “partnering” with his clientele each step of the way from the initial meeting via the funding procedure to make certain a clear understanding of his client’s financial ambitions and objectives. With his commitment to outstanding service, Mr. McDevitt personally manages each critical step of the financing approach while constantly monitoring alternative techniques till the deal is totally authorized, funded, modified, and completed. McDevitt will be participating with other chosen celebrity experts across various industries in several initiatives more than the course of the year and will be weighing in on important subjects to consumers and businesses alike.

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Mr. McDevitt was interviewed about the present loan modification boom, and the perks it has to offer compared to classic financing. “Quite simply put – a loan modification is a renegotiation of the terms of your mortgage through your current bank to modify the rate and terms of your mortgage, without the require to refinance, the only way to guarantee you receive the best terms are to audit your loan documents and ensure the loan is enforceable,” explained McDevitt.

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“There are millions of accountable families out there that make their monthly payments, and they fulfill their obligations, but they’ve seen their house values fall and are unable to refinance at reduced mortgage rates,” remarked Mr. McDevitt. “These individuals are going to be in a tight circumstance unless they do some thing quickly and that’s where we come in to play, a forensic loan audit is needed in order to make certain a loan modification or exercise will take spot. We have successfully decreased principle balances and prices that are so important that you would not think me until you truly saw the revised documents yourself,” McDevitt continued.

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National Forensic Loan Audit Authorities are in the enterprise of assisting residence owners that are trapped in their mortgages to continue living the American Dream of house ownership. We are devoted to supplying options to property owners experiencing difficulty with their mortgage. We negotiate with lenders to uncover options that will lessen month-to-month expenses and enable owners to hold their home. Throughout the process we will preserve you informed, engaged and moving toward an early resolution.

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For a lot more information about National Forensic Loan Auditors, please go to http://www.NFLAE.com.

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Uncover More Loan Modification Yourself Press Releases

National Forensic Loan Audit Experts (NFLAE) Featured in Wall Street Journal – Premier Loan Audit Firm now Offering Services to the Public

Posted on by

Beverly Hills, CA (PRWEB) July 29, 2010

National Forensic Loan Audit Experts and Fidelity Commercial Capital, America’s major real estate finance experts, had been not too long ago featured in the Wall Street Journal showcasing the a single big organization notion provided to company owners to assist them thrive in our current economy. The professionals featured are devoted to spreading information and awareness in their field of experience and creating important contributions to their market and the marketplace as a entire.

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National Forensic Loan Audit Specialists which is a Firm that specializes in residential, commercial, and challenging income loan audit solutions has recently opened its doors to homeowners and customers enabling the public to receive these solutions directly from the source. NFLAE has been viewed as America’s premier loan auditing firm to correspondent lending institutions, federal banking associations, law firms, wholesale lenders and direct lending institutions across the nation. National Forensic Loan Audit Professionals now wants to expand and concentrate their efforts on helping the basic population more efficiently receive the mortgages they deserve to be in. This break-by way of organization is led by a extremely efficient and knowledgeable management team that is certain to make a massive influence in an sector that is in desperate want of assistance.

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National Forensic Loan Auditors is a national compliance management firm which offers expert, advisory, and consulting services to economic institutions, mortgage bankers, true estate attorneys, customer lending entities, and property owners. Our experience addresses all essential places linked with regulatory matters, compliance, and good quality manage. NFLAE can help consumers in meeting the oversight of regulators, fair lending mandates, and keeping internal lending integrity and validation practices by way of independent quality manage audits.&#13

National Forensic Loan Auditors offers you with the proof and support you can trust to aid you seek far better modification terms, restructuring of new terms, principal or rate reduction, or continued discovery. With the greatest possible to alleviate “regular modification” setbacks and re-occurrence of default, qualified and objective evidence aids simplify negotiations and stay making use of the information and assistance supplied by National Forensic Loan Auditors.

&#13

A 2006, FDIC Workplace of Inspector Basic Report revealed:

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83% of the institutions examined were cited for “important” compliance violations

&#13

43% of these institutions have been “repeat offenders”

&#13

85% of those repeat offenders have been extremely rated by the FDIC for their in-location compliance procedure

&#13

Our executive and management group consists of ideal-selling authors who are routinely sought out by the media to give specialist opinions. Several have been featured on NBC, CBS, ABC and FOX affiliates as effectively as noticed in USA Right now, Newsweek, and the Wall Street Journal. Our management has a mission statement and passion for helping people and they are active in speaking with consumers regularly.

&#13

Mr. McDevitt has a philosophy of “partnering” with his clientele every single step of the way from the initial meeting via the funding method to make certain a clear understanding of his client’s economic goals and objectives. With his commitment to outstanding service, Mr. McDevitt personally manages each vital step of the financing procedure whilst consistently monitoring alternative techniques till the deal is totally approved, funded, modified, and completed. McDevitt will be participating with other selected celebrity professionals across numerous industries in multiple initiatives over the course of the year and will be weighing in on key subjects to consumers and organizations alike.

&#13

Mr. McDevitt was interviewed about the existing loan modification boom, and the perks it has to supply compared to classic financing. “Really basically place – a loan audit will outcome in a renegotiation of the terms of your mortgage via your existing bank to modify the rate and terms of your mortgage, with out the require to refinance, the only way to guarantee the loan is enforceable,” explained McDevitt.

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“There are millions of responsible households out there that make their month-to-month payments, and they fulfill their obligations, but they’ve observed their property values fall and are unable to refinance at lower mortgage prices,” remarked Mr. McDevitt. “These people are going to be in a tight scenario unless they do some thing quickly and that’s exactly where we come in to play, a forensic loan audit is necessary in order to ensure a loan modification or exercise will take location. We have effectively reduced principle balances and prices that are so important that you would not believe me till you really saw the revised terms yourself,” McDevitt continued.

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National Forensic Loan Audit Experts are in the company of assisting house owners that are trapped in their mortgages to continue living the American Dream of property ownership. We are committed to providing solutions to property owners experiencing problems with their mortgage. We negotiate with lenders to locate solutions that will reduce monthly costs and permit owners to preserve their residence. For the duration of the method we will maintain you informed, engaged and moving toward an early resolution.

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For far more info about National Forensic Loan Auditors, please pay a visit to http://www.NFLAE.com

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Oppenheim Law Exposes Wall Streets Dirty Dozen Banks in New Infographic

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Fort Lauderdale, FL (PRWEB) August 16, 2012

Confidence in Wall Street is at an all-time low.

Its no wonder considering how many Wall Street executives continue to display poor moral leadership,according to real estate attorney and Yahoo! Homes blogger Roy Oppenheim.

Despite what seems like a daily barrage of banking scandals, leaders like Jamie Dimon remain defiant, almost incredulous to the fact that their institutions bear any responsibility for the current economic climate, Oppenheim says.

When Dimon refers to JPMorgan Chase as a port of safety in New York Magazine, right after his trading department lost billions, it proves that he is out of touch, he adds.

Oppenheim, who actually started his career on Wall Street, points to what he calls perhaps the largest industry-wide systemic tax fraud as the latest example of how the banks have become too big to fail.

By sifting through the banks own annual reports, along with other public data, Oppenheim Law has compiled a list of what they call the Wall Street Dirty Dozen banks.

This is a group of twelve banks that have perpetrated the most egregious case of deception at the expense of the American people,” explains Oppenheim, It is just the latest unethical practice they have employed, and their only excuse seems to be that every other major bank did it too.

These Dirty Dozen banks could be potentially liable for a trillion dollars worth of back taxes from their use of REMICs (Real Estate Mortgage Investment Conduits) to illegally disguise and manipulate their need to pay corporate income taxes, according to Oppenheim.

Ironically, this amount is slightly higher than the budget deficit for the US government for this year.

REMICs are subject to certain tax exemptions, If the banks follow very specific rules, including following strict limitations on activity, they remain tax exempt. Banks are generally not allowed to transfer mortgages into securitized trusts after 90 days from the time the trusts are created.

If even a small percentage of mortgages are transferred in after that 90 day period, than all income earned by that REMIC can be taxed at a rate of 100 percent.

Oppenheim and associate attorney Jacqueline Trask have written Deconstructing the Black Magic of Securitized Trusts, an article which is set to be published in the Stetson University Law Review later this month. It articulates the concern of how banks were flagrantly not adhering to the 90-day deadline during the foreclosure crisis.

While the banks may not publicly admit any wrongdoing, privately they have been stashing away just shy of $ 24 billion in their reserves,according to the Oppenheim Law’s Dirty Dozen chart. On average these banks, which includes institutions like JPMorgan Chase and Wells Fargo each maintain, on average, $ 2 billion in tax reserves or unrecognized tax benefits.

An unrecognized tax benefit, or UTB, is a reserve of money that companies must hold back for tax positions that a company thinks the IRS is likely to require to be paid if the IRS audits the company.

For example, if a company claims a $ 1 million deduction but believes it will only realistically be able to claim back $ 750,000, then the company is required to put the $ 250,000 difference into a bank account until the issue is resolved with the IRS.

Its kind of like a game of cat and mouse that large companies get to play with your tax dollars, Oppenheim explains, Its proof that the banks know what they are doing is not good for the taxpayers.

What is so staggering, Oppenheim explains, is not just how much money the banks have been keeping, but how much they could potentially owe.

It is clear that the Wall Street Dirty Dozen went wild with REMICs back when securitization was booming and now they are trying their best to prevent the skeletons from coming out of their collective closets, Oppenheim states.

If the IRS ultimately rules that the Dirty Dozen violated tax laws, not only will that $ 24 billion be at risk, but over a trillion dollars could be due to the U.S. taxpayer.

While it is not clear how much of that $ 24 billion is being held strictly for REMICs related issues, Oppenheim believes it is likely substantial.

These banks have set aside less than 1% of what they might actually owe to the American people, a scary thought considering that their previous greed and malfeasance nearly toppled the entire economy back in 2008.

Oppenheim wonders how JPMorgan Chase CEO Dimon can pass the buck when such overwhelming proof exists within his own annual reports.

Yesterday Oppenheim called on Dimon to debate him on his South Florida Law Blog.

Mr. Dimon, I challenge you to answer who is more responsible for the economic crisis, Wall Street or Main Street, Oppenheim says, “I believe the truth is on my side.”

Click here to see the data compiled by the staff at Oppenheim Law and to see if your bank is in the Wall Street Dirty Dozen.

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From Wall Street to Main Street, Roy Oppenheim is a Florida real estate attorney focusing on foreclosure defense, and loss mitigation.

He is a guest blogger for Yahoo! Homes and comments regularly on real estate law and policy in the national media. Oppenheim Law reports the highest rating (A-V) conferred by Martindale Hubbell Law Directory, the most respected directory of lawyers and law firms in the U.S.







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