Nomis Solutions Announces Pricing and Profitability Management Suite for Retail Banks

San Bruno, CA (PRWEB) December 2, 2008

Nomis Solutions, a leader in best-in-class Pricing and Profitability Management for financial services companies, today revealed its expanded suite of solutions and services for optimal customer acquisition and portfolio management. Available immediately, the Nomis Solutions Pricing and Profitability Management SuiteTM for Retail Banks capitalizes on Nomis Solutions’ domain expertise within retail banking. Through a combination of advanced analytics, innovative technology, and tailored business practices and processes, the Suite for Retail Banks improves financial and operational performance on both sides of the balance sheet.

“In today’s turbulent market, pricing has taken on a new level of importance,” shared Kathleen Khirallah, managing director and practice leader of the banking practice at TowerGroup. “Consumer lending executives need to ensure they are appropriately pricing for profit and risk. Deposits executives need to price appropriately to achieve funding targets without ‘giving away the farm.’ These goals can only be successfully achieved by using an understanding of customer response to pricing — a key insight that is missing from most pricing decisions today.”

With a scarcity and higher cost of capital, unstable portfolios, and an unpredictable competitive landscape, bank executives need to be proactive and look for new approaches to pricing and profitability management. This begins with the rates they offer consumers for loans and deposits products. With the ability to quantify consumer response to pricing, executives can align pricing goals and a pricing strategy with business objectives and financial performance targets. Because they are able to forecast what new loans they can expect to acquire before putting actual prices into the market, banking and finance management can have an intelligent debate on the inevitable tradeoffs such as profit, volume and risk goals, tier/term mix, credit score distribution, and loan-to-value (LTV) that will occur as a result of a pricing action.

Once performance goals are set, prices can be optimized to achieve profit, volume and balance targets from the loan portfolio level down to the micro-segment level. Executives can measure the impact of a competitor price change or recent exit on their business. The benefits include: increased profits and/or market share, higher returns on assets, improved deposits balances, more control over risk, a cohesive view of key performance indicators (KPIs) and the use of a more structured, repeatable and efficient pricing process.

For lenders, the ability to predict the impact of price on consumer response enables them to optimize their credit and term mix within the context of their risk and asset backed securities (ABS) conduit tolerances. For deposits executives, an understanding of consumer response to deposit rates at the point of sale and renewal helps drive incremental margin improvements and helps banks reduce its overall cost of funds.

“Although pricing is one of the most effective ways to immediately impact financial performance, it’s dramatically underutilized by most banks today,” said Frank Rohde, chief marketing officer at Nomis Solutions. “Our analysis shows that responsiveness to price is changing on a weekly or bi-weekly basis, which is the most rapidly changing consumer behavior that we’ve witnessed to date. Executives need to better understand and quantify how this changing behavior is impacting their performance and if and when to make price changes in order to meet their business objectives.”

Three integrated solutions comprise the Pricing and Profitability Suite for Retail Banking:

Holtmeyer & Monson Helps Community Banks Boost Profits with SBA Lending

Memphis, TN (PRWEB) November 9, 2010

SBA lending services provider Holtmeyer & Monson announced today that it is enabling more than 400 community banks to reap the benefits of government-based small business lending. By taking advantage of the companys highly specialized proficiency and out-of-house services, banks are able to offer small businesses the critical capital they need while generating substantial non-fee income for their institutions.

In the current economic environment, lenders are not only trying to find ways to provide commercial customers with access to credit, but also striving to enhance bank profitability. Small Business Association (SBA) loan programs are a great means to achieve both goals. Furthermore, the recently signed Small Business Jobs & Credit Act (HR 5297) which extends SBA lending stimulus provisions through December 31, 2010, has made the waters more perfect than everand Holtmeyer & Monson is helping banks to jump right in. The company enables institutions to create an instant profit center while alleviating the associated burdens by serving as their SBA loan department.

We had the honor of being recognized as Tennessee SBA Community Bank of the Year, Top Dollar for 2009 and attribute that success in part to our partnership with Holtmeyer & Monson, said Brad Hailey, president of Brighton Bank. The company provides the comprehensive services we need to help our customers and participate in SBA lendingand were clearly profiting. We added 33% of our normal earnings to our bottom line last year. Plus, Holtmeyer & Monson makes it painless because they really understand the small business customer and they do all of the hard work involved with each loan.

The company offers the full spectrum of SBA lending services from training staff and loan application and closing services, to securitization and sale to the secondary market and portfolio servicing. With Holtmeyer & Monsons out-of-house services, banks are freed from grappling with the complexities and the inherent bureaucracy associated with SBA lending and dont need to add any staff. The companys unique fee structure enables institutions to generate a great deal of income without incurring net costs because fees are capitalized right into a borrowers loan.

Were closing about 20 to 24 loans a year with Holtmeyer & Monson and we were recently named the third largest lender of SBA loans in Montana, said John King, president, Three Rivers Bank. Not too bad for an independent community bank with only two branches competing against Wells Fargo and other statewide institutions! The fact is that we probably wouldnt even be in the SBA loan business right now if it were not for Holtmeyer & Monson. They expertly guide our lenders with a proven system that helps them understand the SBA and the way it wants things done to get credits approved.

The only SBA lending services provider endorsed by the Independent Community Bankers of America (ICBA), Holtmeyer & Monson has a thorough understanding of SBA lending policies, what the SBA is looking for and how to make the process as straightforward as possible for a bank. Highly regarded by the SBA personnel, clients and borrowers, Holtmeyer & Monson is frequently sought as an authority on SBA lending.

SBA loans provide banks the ability to assist commercial borrowers who are, in some cases, desperately in need of capitaland they bring hefty profits for the institution. Once a loan is closed, the guaranteed portion can be quickly and easily sold to investors, typically earning the lender a 7-10% premium, said Arne Monson, president and co-founder, Holtmeyer & Monson. We are uniquely qualified to guide banks through the nuances of SBA lending and help them capture this lucrative opportunity. Our business model mitigates their risk while removing virtually all of the expense associated with establishing and operating an SBA loan department.

In an effort to further guide banks in capturing beneficial SBA lending opportunities, the company recently launched a bi-monthly newsletter, SBA Lending Matters. It is solely focused on providing tips and tools that help institutions optimize their small business lending strategies and stay abreast of the latest legislative developments and deadlines. To read and/or subscribe to the newsletter, visit

About Holtmeyer & Monson

Holtmeyer & Monson provides banks with comprehensive, out-of-house services and the high level of expertise required for SBA lending. The Company helps community banks offer small businesses access to capital while benefitting from a highly lucrative source of fee income. Holtmeyer & Monson covers every stage of the process from loan packaging and closing, to securitization and sale, through portfolio servicing. Based on its full-service capabilities and credibility, banks can be confident that their SBA lending credits will be handled expertly, efficiently and with the highest levels of safety and soundness. For more information, visit

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Homeowners Lawsuit Against Major Banks Progresses Slowly, Alleges Predatory Lending and Unfair and Deceptive Trade Practices by Wells Fargo and Others

Miami, FL (PRWEB) December 7, 2010

Coral Gables, Fla. homeowner Pelayo Duran claims in his lawsuit that what he wanted was the attractive loan he saw advertised in the Miami Herald to refinance a home for his growing family. Instead, he ended up in the middle of an endless and costly legal fight with the nations largest banks accusing them of illegal predatory lending and unfair and deceptive trade practices.

At the same time, Durans attorneys claim his mortgage has been sold in the secondary market to investors who paid a profit to Wells Fargo Bank NA who is now acting as a trust administrator to the loan pool that allegedly owns Durans loan, a loan lawyers say was designed to fail.

“Someone has to stand up for the rights of the defenseless and the oppressed, said Duran. People have to know the real story of how these banks were able to take the American dream and destroy it. We believe they reaped billions of dollars in profits by lying, falsifying documents, appraisals, applications engaging in predatory advertising and lending practices. They hide behind all the companies that are involved and the large law firms that represent them. They create layer upon layer of red tape to avoid being held accountable.”

Duran’s attorney, Adis Riveron, Esq., filed a lawsuit in Miami-Dade Circuit Court (CASE No. 09-CV-20411-CIV) naming defendants Wells Fargo, Countrywide (bought out by Bank of America), Greenpoint Mortgage Funding and two individuals Lee Rosenthal (the appraiser), and Cindy Sierra (the mortgage broker). The lawsuit has charged them with a total of 13 counts including negligence, fraud, unfair and deceptive trade practices, and breach of fiduciary duty. Duran seeks a jury trial to determine punitive damages. You can download a copy the lawsuit at

Even though my home is not in foreclosure and I continue to make regular, on-time payments, my case is similar to the plight of millions of homeowners across the country, said Duran, a prominent South Florida attorney. Fortunately, I have been able to gather the financial resources, legal determination and stamina to take on the giant lenders because I refuse to give in when what they are doing is clearly unconscionable and dishonest.

The case was immediately removed by the defendants to federal court in 2009, but has since been remanded back to the state court earlier this year after a tough and expensive legal battle. Duran also had to pay a $ 10,000 judgment following an order compelling part of the case against Wells Fargo to arbitration.

According to Duran’s attorneys, they have filed a motion to stay the proceeding because the arbitrator from the American Arbitration Association might have engaged in inappropriate conduct. Attorneys said they would now file a motion to force the arbitrator to recuse himself.

It is inevitable the Mr. Duran will have to begin the entire arbitration process from the beginning, said Riveron. This conduct on the part of the arbitrator calls in to question the entire integrity of the expensive arbitration process that Wells Fargo includes in its mortgage agreements. The only reason they don’t agree to have the lawsuit in state court where it belongs is to make the process as dragged out and expensive as possible. They will stop at nothing to delay and obfuscate justice. I believe in my lawsuit and I will not stop until I have exhausted every avenue, said Duran.

The lawsuit claims that this legal saga began when Duran tried to refinance his primary residence in 2005. He had purchased the home in October 2004, and had he made an initial down payment of $ 100,000. Shortly after the purchase, Duran needed to access some of the money he had put down to cover imminent personal and business issues.

According to the lawsuit, Duran saw an ad in the Miami Herald published by Wells Fargo Home Mortgage. The ad was offering an Adjustable Rate Mortgage (ARM) at a rate of 5.75%, with 10 years interest only payments, a fixed interest rate for 10 years, and a 5.1 annual percentage rate. Durans plan was to buy down the loan rate at closing 1 to 2 point and pay off the home in about 10 to 15 years.

The lawsuit states Duran contacted Wells Fargo because he had a longtime business relationship with the bank and the terms in the ad were the most favorable. Attorneys claims when Duran called Cindy Sierra who he thought was a bank representative, she first told him that the advertised rates were not available. She then told him that she would get him an even a better deal. Duran believes that he, just like millions of other Americans, was baited into applying for an attractive loan that never existed, only to be switched to a high-risk subprime loan.

According to the lawsuit, Sierra told Duran to leave the income section on the application blank until such time as she could conduct a pencil search, a prohibited but common practice used by mortgage brokers and lenders in order to maximize the loan amount in which a mortgage broker would shop for an appraiser to support the highest value that the lender could hit in originating the loan. Initially, Sierra informed Duran that his home was worth $ 1.5 Million. The appraiser, Lee Rosenthal who worked for and was hired by Rels Valuation, (also Wells Fargo company), ultimately determined and represented to Duran that his home, which was purchased for $ 984,000 four months earlier, was now worth $ 1.2 million.

Unbeknownst to me, she created my loan by adjusting the value of my home to my debt-to-income ratio, said Duran. They never considered my ability to repay the loan. All they cared about was the appraised value and my good credit score. What I also discovered was that a Wells Fargo representative was actually originating a loan for Greenpoint Mortgage Funding and that immediately upon the closing of my loan, Greenpoint would turn around and sell my loan right back to Wells Fargo as trust administrator for a pool of loan. In addition, Fred Schlang, SRA, an appraisal expert, later alleges that the banks appraisal was inappropriately inflated.”

According to the lawsuit, after haggling over the terms for several weeks, Duran and his wife were disheartened at the closing when the final Greenpoint loan agreement reflected a financed amount of $ 920,000 with an APR of 5.622% fixed during a five year period, with rate adjustments up to twice per year, a pre-payment penalty, and a rate cap of 10.5%, (not the 5% he had been previously offered in writing) and they would not be able to buy down the rate 1 to 2 percentage points at closing, as he had been previously promised.

None of these terms were disclosed throughout the entire process, said Duran. She attempted to fix the problem at the closing of the mortgage, but they lied to my wife and me, once again.

Duran and Riveron claim in the lawsuit that this case stems from the common practice of securitizing loans and selling them in the secondary market for huge profits. These mortgages were underwritten primarily on the basis of an inflated appraisal and have basically no underwriting standard other than securing a signature on loan documents.

Greenpoint and Wells Fargos profits are determined by the amount of and quantity of loans they successfully closed, not the quality of those loans, said Duran. The lender has an incentive to pressure appraisers and brokers to reach values that will allow the loan to close without regard to whether the appraisal reflects the homes actual value. Likewise, the independent broker is not tied to one lender, but has relationships with multiple lenders.

Duran said since he began his investigation and even before filing of the lawsuit, his home mortgage was transferred from Greenpoint to Countrywide and now to Bank of America. Duran and Riveron said for some unknown reason, Bank of America and Greenpoint have been attempting force place insurance on h

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National Mortgage Complaint Center Warns All US Homeowners About Refinancing Scams Foreclosures & Says Time for Justice for Greedy Banks

(Vocus/PRWEB) February 01, 2011

The National Mortgage Complaint Center says, “as we enter 2011 we have a lot of really serious concerns related to US homeowners, consumers wishing to purchase a home, and accountability for what got us into this mess in the first place. Things have not improved, and if not the homeowners-the taxpayers should be steamed.” They say, “what concerns us is Federal, or State Law Enforcement are doing little, to nothing about mortgage refinance scam artists, or foreclosure scam artists offering access to interest rates that do not exist, and or foreclosure programs, that require money up front-for nothing.” They say, “what do state, or federal regulators, who are supposed to be protecting consumers, do all day long? They sure and the hell are not doing much to regulate all of this nonsense, and we think all US homeowners, and or taxpayers better wise up. One way, or another you are all paying for this baloney, and will be for as long as you live.”

Refinancing: The National Mortgage Complaint Center says, “we think now would be a very smart time to refinance, because we think the realities of the Middle East meltdown mean much higher oil prices, inflation, and interest rates. Even if the US stock market has a meltdown-we think rates are going up-not down–because a Middle East meltdown probably means higher oil prices, and inflation.” They say, “if you see some advertisement for a 3% mortgage-its not a 30 year fixed product, we consider it to be false advertising, and its high time federal, or state regulatory agencies shut these firms down for false, or misleading advertising.”

Foreclosures: The National Mortgage Complaint Center says, “in 2011 we will see a record, or close to a record number of foreclosures. We expect an additional price decline of about 10% nationwide. The true national unemployment rate is north of 15%. Add in the Middle East meltdown, and 2011 is starting to look like a train wreck.” They say, “and no–if someone has not made their mortgage payment for a year, or more-why should it be the taxpayers responsibility to bail them out?” However, the National Mortgage Complaint Center says, “there is one exception to this not paying your mortgage payment. In this instance, it applies to 10,000’s of US homeowners stuck in a home with toxic Chinese drywall in the US Southeast. Haven’t heard about toxic Chinese drywall? Well there is a good reason why most US citizens have not yet heard about the toxic Chinese drywall disaster–President Obama has forgotten to mention it one time in public since taking office. Not to worry-we think its in all 50 states-so everyone will know about it one of these days.” They say, “toxic Chinese drywall is the absolute worst environmental disaster to ever impact US homeowners, and here’s the good part—–US banks stuck with a toxic Chinese drywall foreclosures in places like Florida–are simply reselling these toxic homes-As Is-no mention of the fact the home could be lethal to the homeowner, or their children-so the house just becomes a foreclosure all over again.” For more information on the toxic Chinese drywall disaster please visit the Chinese Drywall Complaint Center at

On The Topic Of Greedy Banks Investment Bankers & Accountability: The National Mortgage Complaint Center says, “in case you missed it, all of the big time Wall Street investment bankers, banks, international finance people had a big party in Switzerland last week. Apparently they all had a really good 2010. There is one slight problem, we think the US taxpayer picked up the bar tab.” They say, “back in 2006-even 2007, US securities rating agencies were giving questionable Alt A mortgages a triple A rating, just so foolish pension funds would buy these soon to be greatly discounted, or worthless securitized mortgages.” The group says, “the same people/firms at the free bar in Switzerland last week, were telling investors, and the US consumers, the US real estate party would go on forever back in 2006, and even 2007. They were all lying through their teeth, and now the US taxpayer gets stuck with trillions? We say its time for indictments!”

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Chinese Drywall Complaint Center Declares War On Banks Dumping Florida & Gulf State Toxic Chinese Drywall Foreclosures On Wall Street–Time’s Up

(Vocus/PRWEB) February 17, 2011

The Chinese Drywall Complaint Center is now formally accusing major US banks and major federal mortgage entities of reselling their toxic Chinese drywall foreclosures to unsuspecting new home buyers, and then securitizing the mortgage and selling it to Wall Street investors and/or pension funds, all with no disclosure. The group says, “note to US pension funds and Wall Street: we suspect you are already a major victim of major US banks or government owned mortgage operations selling you a securitized toxic Chinese drywall mortgage from Florida, Alabama, Mississippi, Louisiana, Virginia and Southeast Texas, and here’s the problem—as soon as the new buyer finds out the home contains toxic Chinese drywall, it’s a foreclosure all over again–your asset is worth zero.” They say, “and what happened to any accountability from whoever is bundling these toxic mortgages, giving them a triple A rating, and passing them off to an unsuspecting investor or pension fund? After the 2008 US mortgage-economic meltdown we are not just going to sit and wait for President Obama or his administration to say or do something anymore. Time’s up.” http://ChineseDrywallComplaintCenter.Com

The Chinese Drywall Complaint Center says, “the imported Chinese drywall disaster actually gets worse, for Wall Street. We think within a month or two we will be able to prove that publicly traded homebuilders or their mortgage entities knew about the toxic Chinese drywall disaster as far back as 2005, and most forgot to say anything to the innocent consumer, Wall Street, or the pension funds, that really were all on the receiving end of a toxic mortgage.” They say, “further, while the US Centers for Disease Control passed last week on any sort of formal testing of the long term exposure health issues related to toxic Chinese drywall, we are saying if gasses being emitted in these toxic Chinese drywall homes are corrosive enough to eat through a copper air conditioning coil or turn electrical wires black, it can’t be very good for someone’s health.” They say, “we are tired of getting the consumer calls every day and not being able to actually help them. We are super tired of federal agencies like the Justice Department, the US EPA, and the US Consumer Products Safety Commission miserably failing US citizens and taxpayers. We still can’t figure out why President Obama has failed to mention this disaster one time in public—-but we can’t wait anymore. Time’s up.” http://ChineseDrywallComplaintCenter.Com

The Chinese Drywall Complaint Center says, “in scope we think the toxic Chinese drywall disaster involves more homes than were involved in Hurricane Katrina, Rita, Ike, and Ivan combined. We think there are toxic Chinese drywall homes in all 50 US states, and if anyone really wants to take a good look at what toxic Chinese drywall does to a home, visit our web site—this is everyone’s problem.” http://ChineseDrywallComplaintCenter.Com

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Brookstone Law, PC: Obama Administrations Mortgage Deal Could Exclude Borrowers from Future Action Against Banks

Newport Beach, CA (Vocus/PRWEB) March 02, 2011

Recent media reports that the Obama administration is trying to reach an agreement with banks over mortgage-servicing breakdowns highlights the need for homeowners facing foreclosure to have legal counsel prior to any settlement, according to Vito Torchia, Jr. managing attorney of Brookstone Law.

According to media reports, the Administration’s proposed settlement would require banks and loan servicers to bear the cost of write downs but gives banks the freedom to determine what those modifications will be. Those servicers would include mortgage-finance giants Fannie Mae and Freddie Mac, as well as investors in loans that were securitized by Wall Street firms. Settlement terms remain in development and regulators are looking at up to 14 servicers that could be a party to the settlement.

Brookstone Law, PC, has filed a mass joinder lawsuit against Bank of America, potentially the most significant and precedent setting legal action taken against lenders as a result of the national foreclosure crisis. The lawsuit alleges Bank of America (BOA) and its subsidiary Countrywide Financial Corporation (Countrywide) perpetrated a massive fraud, also constituting unfair competition upon borrowers that devastated the values of their residences, resulting in the loss of net worth, and that BOA and Countrywide intended to deprive numerous rights and remedies for the problems they caused the borrowers. The case is Wright et al. v. Bank of America, N.A. et al., case no.30-2011-00449059-CU-MT-CXC filed in Orange County Superior Court.

Now that the U.S. Government is discussing settlements that will defuse lawsuits against the banks that specifically challenge aspects of mortgage securitization, the broken chain of title or MERS, principal reduction is the most important aspect of any settlement, said Vito Torchia, Jr. Until banks and servicers fully embrace principal reductions, the thousands of homeowners who are underwater will continue to struggle and that will keep the housing market and our economy down for years.

According to media reports in the Wall Street Journal, Federal agencies have been scrutinizing the nation’s largest banks over breakdowns in foreclosure procedures that erupted last fall and last week, the Office of the Comptroller of the Currency raised concerns over inadequate staffing and weak controls over foreclosure processes. In 2008, BOA settled claims worth more than $ 8.6 billion for loans allegedly involving predatory lending practices committed by Countrywide, which it acquired that year.

Any settlement could be among the largest ever against the mortgage industry especially since some are pushing for banks to pay billions or fund a comparable amount of loan workouts, said Vito Torchia, Jr. If a single settlement cannot be reached, it is likely different federal agencies will still seek smaller penalties through regular enforcement channels, so banks could face the prospect of lawsuits from state attorneys general, which means homeowners need for expert legal counsel will be just as great after any settlement as it is now.


Headquartered in Newport Beach, Calif., and with offices in Los Angeles, Calif., and Ft. Lauderdale, Fla., Brookstone Law, PC is a law firm comprised of attorneys with experience and success in business, corporate and personal finance, employment, entertainment and media, art and museum, intellectual property and real estate law. The firm has a network of more than 40 affiliate attorneys nationwide and employs highly trained specialists, paralegals, paraprofessionals and administrative staff dedicated to serving clients. For information, call (800) 946-8655 or visit (

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Chinese Drywall Complaint Center Endorses National Construction Warranty Program For Investors & Takes On Florida Banks & Flippers Dumping Chinese Drywall Foreclosures

(Vocus/PRWEB) March 07, 2011

The Chinese Drywall Complaint Center warning all US banks about dumping toxic Chinese drywall foreclosures on unsuspecting new buyers, with the only disclosure being-As Is. They say, “We can prove major US banks are dumping toxic Chinese drywall foreclosures on unsuspecting new buyers, with the only disclosure being-As Is. The same bank then turns around and puts a new mortgage on the house, with no disclosure to the pension fund, or investor, that buys the securitized mortgage. We call that securities fraud, and we are demanding a criminal SEC securities fraud probe.” The group is also warning all home buyers in Florida, Alabama, Mississippi, Louisiana, and or Southeast Texas to not buy any home, condo, or town home without having the property thoroughly tested for toxic Chinese drywall. They say, “Because of hurricanes Katrina, Ike, Rita, and Ivan, we have to include storm damaged homes in all US Gulf States, so our time frames for new homes, subdivisions, or condos from 2000 to 2008 just went out the window-translation it could be in any hurricane damaged home.” The Chinese Drywall Complaint Center says, “Just because there is no federal leadership from the Obama Administration, from the US EPA, the CDC, or the absolutely pathetic US Consumer Products Safety Commission, it should not mean it is open season for Florida real estate flippers to dump an un-repaired toxic Chinese drywall home foreclosure-with no disclosure, on a completely innocent consumer, or family. Why even have an Attorney General in Florida, or Alabama, Mississippi, Louisiana, and or Southeast Texas?” http://ChineseDrywallComplaintCenter.Com

The Chinese Drywall Complaint Center says, “We have no issue with honest investors buying toxic Chinese drywall foreclosures in Florida, or the US Gulf States, as long as they buy the warranty products of the National Construction Warranty Program, and they hire a very ethical contractor, who will strictly adhere to the National Construction Warranty Program’s remediation protocol.” The group is saying, “investors involved with these flippers in Florida, and other US Gulf States, who are doing no actual repairs to these toxic Chinese drywall home foreclosures are out of their minds-just wait until the health related exposure to toxic Chinese drywall personal injury lawsuits start.” They say, “We are calling banks, and real estate flippers out for their reprehensible behavior, and we will stop them. As a indication of our resolve, we have designed a service, that will help advise honest Chinese drywall home investors on what to buy, how much to pay, suggest ethical contractors, and strategies. Our one, and only caveat is the investor buys the products from, and strictly adheres to the remediation standards set by the National Construction Warranty Program. This way everyone wins-including the investor, the ultimate consumer, and their family.” http://NationalCDW.Com

For more information about symptoms of toxic Chinese drywall, or information related to toxic Chinese drywall please visit the Chinese Drywall Complaint Center’s web site at http://ChineseDrywallComplaintCenter.Com

The Chinese Drywall Complaint Center, or its parent group Americas Watchdog was not paid a fee, or given any type of compensation for their endorsement of the National Construction Warranty Program. The group says, “We have endorsed the National Construction Warranty Program because its the only sensible game in town for repairing a toxic Chinese drywall home, and because we feel like it was the right thing to do.”


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Maturity of Commercial Debt a Growing Concern with Large Banks, Says Covendium

Orlando, FL (Vocus/PRWEB) May 31, 2011

With the news last week that the Goldman Sachs-Whitehall Real Estate Fund restructured $ 1.42 billion of debt on one of its largest hotel portfolios; the market was provided more information on a potential commercial loan maturity crisis. The restructuring of the fund is a sign that large banks are making efforts to get ahead of the upcoming wave of commercial debt maturities that are coming due in the next few years, says leading commercial debt restructuring firm Covendium LLC.

As a result of the refinancing, Goldman was able to avert over $ 650M of debt maturity in early 2012 and restructure the debt to match the underlying collateral of the hotel properties in a portfolio assembled over 2006 and 2007. The big banks are getting an early start on restructurings ahead of the maturity witching hour, says Gregg Grauer, Chief Executive Officer of Covendium LLC, the nations largest debtor-side commercial debt restructuring and advocacy firm. While all of the media is focused on the consumer mortgage crisis, banks are very conscious of the $ 1.4 trillion of commercial debt that is coming to maturity over the next few years, adds Grauer.

During the commercial real estate boom in the first half of the last decade, investors and lenders made big bets on new projects at values significantly higher than the current market, with maturities that are quickly coming due.

Lenders can no longer delay the inevitable, says John Hyltin, Managing Director of Resolutions for Covendium. Every lender that I speak to is acutely aware of the size and maturity of their portfolio, and overwhelmed with the number of distressed loans they need to manage. If the debtor is reasonable and advised by an experienced firm like Covendium, there has never been a better time to realign debt with the underlying collateral, advises Hyltin.

We are seeing signs that cheaper capital from banks, insurance companies and even securitizations are slowly coming back to the marketbut the quality of the collateral and the economic terms of each deal matters now more than ever, says Grauer. If Goldman Sachs gets a jump on debt restructuring for their own portfolio, its a pretty strong sign that other debtors who do not have access to the information and resources of a Goldman-Sachs should get a move on.

For more information about how Covendium can help commercial debtors negotiate with their lenders, or any of Covendiums products or services, call them at (407) 284-4000, or view them on the web at

About Covendium

Covendium specializes in comprehensive commercial debt resolution and restructuring for clients whose financial model has been destroyed by debt service payments that have become unsustainable.

For some clients, all they need is an experienced negotiator to provide their lender with the reality of the financial situation and the tool-set to restructure their obligations. For other clients, Covendium may assist in the replacement of the debt from a bank to a private funding source.

Their team of professional advisors has successfully restructured billions in transactions, with dozens of banking institutions (including major national, regional and community banks) and over 30 separate non-bank financial counterparties.

Bad things happen to good people. Covendium is a premier national debt resolution firm that helps their clients with everything from commercial foreclosure in Charlotte to recapitalization in Miami to unpaid principal balance in Phoenix to discounted pay off in Chicago.


Law Offices of Kramer and Kaslow: New York Bank Investigation Could Leave Banks Facing Charges

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.


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


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California Attorney General Announces the States Withdrawal from Settlement Talks with Banks and Promises Further Investigation

Roseville, California (PRWEB) October 14, 2011

California Attorney General Kamala Harris announced last week that California would pull out of settlement talks that would have released some of the countrys major banks from liability surrounding their lending and foreclosure practices, the Wall Street Journal recently reported.