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...
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