Foreclosure Firm Tanks After Fannie, Freddie Pull Business

Law360, New York (November 21, 2011, 4:40 PM EST) -- Steven J. Baum PC, a New York law firm under heavy fire for its aggressive foreclosure work, is closing down under a cloud of legal and public relations problems, including the recent loss of business from Fannie Mae and Freddie Mac, a spokesman said Monday.

The firm, which last month agreed to pay $2 million to settle a federal lawsuit alleging it mishandled mortgage documents, said in a statement that it has filed plans for “mass layoffs” with the New York Department of Labor and local...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.