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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 attorney general is investigating large banks for alleged wrongdoing. According to the May 16 New York Times article, The New York attorney general has requested information and documents in recent weeks from three major Wall Street banks about their mortgage securities operations during the credit boom, indicating the existence of a new investigation into practices that contributed to billions in mortgage losses.

Recently elected New York Attorney General Eric T. Schneiderman declined to comment but according to people briefed on the matter who were not authorized to speak publicly, Eric T. Schneidermans office have also requested meetings with representatives from Bank of America, Goldman Sachs and Morgan Stanley.

The article also spoke with Daniel C. Richman, a professor of law at Columbia. Part of what prosecutors have the advantage of doing right now, here as elsewhere, is watching the civil suits play out as different parties fight over who bears the loss, said Richman. Thats a very productive source of information.

Noted attorney Philip Kramer, senior partner at the law firm of Kramer & 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 cases. What is particularly interesting about the New York Attorney Generals approach is that they seem to have picked up on some of the issues we have used in our suits: fraud and greed in the securitization process being key elements.

More of Philip Kramers comments can be found at the Law Offices of 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 business litigation, and real property matters. He has prosecuted and defended cases for over twenty five years.

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

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 cases. He has appeared on nationally televised programs regarding pre-trial procedure and trial strategy 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 various legal and business 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 many companies. For more information call (818) 224-3900 or visit http://kramer-kaslow.com

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Related Securitization Press Releases

The Regulation Offices of Lance Denha Comments on the Recent Jump in Foreclosure Activity

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(PRWEB) July 10, 2012

The housing marketplace has demonstrated some promising symptoms of late, but a new batch of foreclosures information provides a reminder that any restoration from the housing bust will very likely be gradual, spotty and agonizing. RealtyTrac described Thursday that foreclosures filings rose by nine % in Could from a thirty day period before, to 205,990 complete properties that ended up subject to default notices, scheduled auctions or financial institution repossessions. &#thirteen

The bounce in foreclosures exercise was probably since loan companies are last but not least obtaining to a backlog of homes they may well have started out foreclosing on previous year if they werent dealing with criticism for cutting corners and pushing foreclosures by way of too rapidly and without adequate controls, stated Daren Blomquist, vice president with RealtyTrac. He famous that the major increases came from properties that are just commencing the foreclosures procedure. The robo-signing scandal, in which foreclosures paperwork had been signed without house reviewing specific circumstances, prompted banks to keep back again on new foreclosures pending a settlement, as reported by ABC Information last yr.&#thirteen

Nonetheless, the figures for Might are down four p.c from a calendar year in the past. In addition, latest income information indicates that not all residences with foreclosures filings will end result in the financial institution taking the property. Based mostly on the increase in pre-foreclosure revenue weve observed so far this calendar year, a greater percentage of these new foreclosures starts will very likely conclude up as limited product sales or auction sales to 3rd events rather than bank repossessions heading ahead, Brandon Moore, RealtyTracs CEO, mentioned in a statement. Lance Denha, Esq., of The Legislation Places of work of Lance Denha cautioned nonetheless That even though these other instruments preclude the banks from getting direct possession of the residence, the stop end result is the homeowner is losing their house without subjecting the bank to the very scrutiny that resulted in their $ 26 Billion settlement with forty nine Point out Lawyer Generals just very last yr. House owners should comprehend that they have the capability and prospect to transform these sorts of non-judicial foreclosures into the judicial courts by way of filing wrongful foreclosures actions, temporary restraining orders, quiet title actions, and many others. need to they discover wrongdoing linked with their mortgage loan.&#13

Mr. Lance Denha more added that Many defenses can be made by the defendant (Property owner) to stop their financial institution from forcing a brief sale or auction as nicely as any repossession process by their lender. A securitization evaluation is one particular of the most strong tools available to a foreclosure defense company generating these situations hugely defensible if not winnable. Blomquist mentioned that some of these properties moving into the foreclosure method will nevertheless stop up becoming repossessed by the financial institution. In addition, the increase in foreclosures exercise that is envisioned, as financial institutions function by way of their backlog, could put a damper on housing costs when once more, at minimum in some components of the place. I really think the stabilization in house prices and residence revenue, in component, is a outcome of the foreclosure inventory becoming artificially restricted more than the earlier yr and a 50 %, he explained.&#13

It is hugely a good idea to look for legal skills to determine the best course of action moving forward in buy to gain an comprehending of the specific route very best suited for the client. The Legislation Offices of Lance Denha P.A. is fully commited to guarantee that every feasible avenue is pursed so that the homeowners authorized legal rights are preserved. Actively checking the ever altering landscape of foreclosures rules, current foreclosures throughout the nation as nicely as state imposed policies and processes related with foreclosure, is essential to ensure and safeguard these rights. The Regulation Workplaces of Lance Denha P.A. is a multistate regulation agency and aids lawfully protect wrongful foreclosures in opposition to house owners and make use of any and all authorized strategies offered to help complete preserving property owners legal rights. For even more information or support, you should contact at 954-840-0770.

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The Law Offices of Lance Denha Comments on the Current Leap in Foreclosures Exercise

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(PRWEB) August 07, 2012

The housing market place has proven some promising indications of late, but a refreshing batch of foreclosures info delivers a reminder that any recovery from the housing bust will very likely be gradual, spotty and unpleasant. RealtyTrac reported Thursday that foreclosure filings rose by nine % in Could from a month previously, to 205,990 overall qualities that ended up topic to default notices, scheduled auctions or bank repossessions.

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The jump in foreclosure exercise was most likely because lenders are ultimately receiving to a backlog of homes they may have started out foreclosing on final 12 months if they werent dealing with criticism for reducing corners and pushing foreclosures via also quickly and with no sufficient controls, stated Daren Blomquist, vice president with RealtyTrac. He famous that the significant boosts arrived from houses that are just commencing the foreclosures process. The robo-signing scandal, in which foreclosure documents were signed with no home reviewing personal instances, prompted financial institutions to hold back again on new foreclosures pending a settlement, as reported by ABC Information last yr.

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Even now, the figures for May possibly are down four % from a 12 months in the past. In addition, latest income info implies that not all homes with foreclosures filings will outcome in the lender getting the home. Primarily based on the rise in pre-foreclosures product sales weve observed so much this 12 months, a higher percentage of these new foreclosure begins will very likely conclude up as limited sales or auction sales to third events fairly than lender repossessions going forward, Brandon Moore, RealtyTracs CEO, mentioned in a assertion. Lance Denha, Esq., of The Legislation Places of work of Lance Denha cautioned, even so, That while these other devices preclude the financial institutions from using direct possession of the property, the end end result is the property owner is dropping their residence without subjecting the bank to the extremely scrutiny that resulted in their $ 26 Billion settlement with forty nine Condition Attorney Generals just very last year. Property owners should comprehend that they have the ability and opportunity to change these kinds of non-judicial foreclosures into the judicial courts through filing wrongful foreclosure actions, short term restraining orders, tranquil title actions, and so on. must they learn wrongdoing linked with their mortgage.

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Mr. Lance Denha additional extra that Numerous defenses can be created by the defendant (House owner) to stop their bank from forcing a limited sale or auction as properly as any repossession procedure by their lender. A securitization evaluation is 1 of the most potent equipment available to a foreclosure defense organization creating these cases highly defensible if not winnable. Blomquist observed that some of these homes coming into the foreclosures procedure will even now stop up becoming repossessed by the lender. In addition, the enhance in foreclosures action that is envisioned, as banking companies function via their backlog, could set a damper on housing costs after once again, at minimum in some components of the nation. I in fact think the stabilization in house rates and property sales, in element, is a result of the foreclosures stock becoming artificially limited over the earlier calendar year and a 50 percent, he explained.

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It is hugely a good idea to seek out legal experience to determine the ideal program of motion moving forward in buy to obtain an comprehending of the specific course ideal suited for the client. The Regulation Workplaces of Lance Denha P.A. is committed to ensure that every achievable avenue is pursed so that the property owners authorized legal rights are preserved. Actively checking the at any time altering landscape of foreclosure regulations, current foreclosures across the nation as well as point out imposed policies and procedures associated with foreclosure, is important to ensure and shield these legal rights. The Regulation Offices of Lance Denha P.A. is a multistate regulation organization and will help legally protect wrongful foreclosures from house owners and make use of any and all lawful tactics accessible to aid complete preserving house owners rights. For even more data or assistance, make sure you contact at 954-840-0770.

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The Regulation Offices of Lance Denha Explains Taxable Cash flow Implications with Foreclosure

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(PRWEB) April 26, 2012

Anytime a loan provider writes off, or forgives, financial debt, it can be deemed taxable cash flow to the borrower. The more substantial the compose off of the loan by the loan company, the larger the possible tax invoice might be issued to the taxpayer/homeowner. Take into account that each and every $ ten,000 in forgiven personal debt could incur as considerably as $ one,500 to $ three,five hundred in federal taxes, based on a familys tax bracket. If a house is $ 100,000 underwater, that could mean a federal tax bill of up to $ 35,000. In addition, point out and nearby cash flow taxes could increase the pain.

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In modern a long time, most underwater property owners who dropped residence to foreclosure or quick income have been excused from having to spend taxes on this cash flow, thanks to the Mortgage Financial debt Relief Act of 2007. The recent regulation states that house owners dont have to incorporate forgiven debt as revenue offered:

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