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Lawyers Accused Of Scam In Bank Suits

Thursday, August 18, 2011 - 1:51 PM
From APNewsBreak via Yahoo! Finance
California prosecutors filed a major lawsuit against several lawyers and call center operators for allegedly running a nationwide scam to dupe desperate homeowners into paying thousands of dollars to join dubious lawsuits against some of the country's largest banks.

The complaint unsealed Thursday in Los Angeles County Superior Court accuses prominent foreclosure attorneys Philip Kramer and Mitchell Stein and at least 17 other individuals and businesses of luring borrowers into a scheme that falsely promised a cut of future settlements.

The lawsuit portrays the defendants as the most recent in the chain of mortgage-related scammers who helped fuel the housing bubble and have cashed in on its collapse. The defendants previously worked in the fraud-ridden loan modification industry.

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