After years of alleged fraudulent practices, One West/IndyMac (One West) must now face the music.
Philip Kramer has filed a mass joinder lawsuit against One West/IndyMac (One West) (Marquette v. One West, Superior Court of California, Superior Court of Los Angeles, case number: BC 452 266) in what is potentially the most significant and precedent-setting legal action taken against lenders as a result of the national foreclosure crisis, it was announced today by Philip Kramer, Esq. of Kramer & Kaslow.
The firm has filed suit on behalf of a mass joinder of plaintiffs seeking damages and injunctive relief as a result of what it says is the bank’s fraud and multiple violations of Local, State, and Federal consumer protection laws. Relief is being sought for fraud, to stop the illegal sale of plaintiffs’ homes, to force the bank to cease and desist from their outrageous conduct, as well as to seek compensatory damages on behalf of the plaintiffs.
Mr. Kramer says that the lawsuit alleges One West perpetrated a massive fraud, also constituting unfair competition upon borrowers that devastated the values of their residences, resulting in the loss of net worth even as ONE WEST enriched itself by knowingly selling financial instruments based on a value the bank knew to be unwarranted. The lawsuit also alleges that ONE WEST further intended to deprive numerous rights and remedies for the problems they caused the borrowers and believes that the harm done to the plaintiffs is exceeded only by the scale of the bank’s conduct as asserted in the plaintiffs’ suit.
According to court documents, the lawsuit claims the bank disregarded underwriting standards and implemented a massive fraud that was concealed from borrowers and other mortgagees on an unprecedented scale. The lawsuit alleges that, as a result of the bank’s actions, borrowers lost equity in their homes, their credit ratings and histories were destroyed and they incurred unnecessary costs and expenses.
Mr. Kramer also says that the lawsuit challenges the fraudulent and illegal use of MERS in connection with the loans and mortgages, as well as the defendants’ failure to perform their obligations pursuant to accepting TARP funds.
“I am convinced that for the first time that aggrieved homeowners are going to get a fighting chance,” says attorney Philip Kramer. “Until now, the banks have had their way, using and abusing the system at the expense of distressed homeowners across the nation. Now, after years of abusing homeowners and the greater public, the ‘bank bullies’ are getting a good stiff legal punch in the nose.”
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 back professionalism and civility into the legal profession. He also serves on numerous Boards of Directors and serves as an officer in many companies.
Tagged with: Broker/Agent • Business • Calabasas California • California • Catholic University of America • Deed in Lieu • Economy • Foreclosures • IndyMac • Lawsuit • Loan Mod • Mortgage Employment Index • Mortgage fraud • Mortgage Lender • Mortgage loan • Mortgage Loans • Mortgage rates • Real estate • Realtor • REO • Short Sale • Superior Court of California • United States • United States Court of Appeals for the Armed Forces • Washington DC
Filed under: Real Estate
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