Calabasas, California (PRWEB) June 14, 2011
Attorney Philip A. Kramer, senior partner of the Kramer & Kaslow law firm which is conducting consolidated plaintiff litigation lawsuits on behalf of hundreds of homeowners, remarked on a recent expose of bank probes by the news site Propublica.
Propublica is really doing a public service with their investigations,” said Philip Kramer. “I represent hundreds of clients who have been wronged by the banks. We have charged fraud, and conspiracy, calumny and deception, from top to bottom. There is a lot of malfeasance going on, and other than our civil suits, there has been little or no judicial action. Something has to be done and I am hopeful that Propublicas investigations may help start that process.
Propublica journalist Marian Wang writes in a recent article, As we and many others have noted, no top banking executives have been successfully prosecuted in connection with the financial crisis: not for making the bad loans that fed the mortgage machine, not for lying about the quality of the mortgages, and not for foreclosing improperly when homeowners struggled to make loan payments. But there have been many investigations. Some are still pending, others seem to have fallen by the wayside. Heres our overview of what the banks have been accused of doing at each stage of the mortgage machine.
Propublica compares the bad foreclosure process to a machine and argues that the first step is risky lending and underwriting. Philip Kramer agrees. “If you look at any of the cases we filed, for example, take a look at: Maxam v. Bank Of America (case No: 30-2011-00450819-CU-MT-CXC), youll see that we already know a great deal about the banks misbehavior. The question is, When will judicial and regulatory bodies catch on?
Propublica breaks down the bank practices foreclosure crisis into five areas: