One of New York’s largest-volume foreclosure law firms has signed on to an agreement with the U.S. Department of Justice, requiring the firm to pay $2 million and change its foreclosure practices – a case that market observers say could set a national precedent.
The law firm of Steven J. Baum, P.C. has been the subject of a six-month investigation into whether the firm, on behalf of its lender clients, filed misleading pleadings, affidavits, and mortgage assignments related to foreclosure actions in New York state and federal courts.
Last Thursday, the firm’s principal, Steven J. Baum, entered into a settlement agreement to end the probe and resolve allegations brought forth by the U.S. attorney for the Southern District of New York.
In addition to the $2 million fine, the firm has agreed to “extensively change” its mortgage foreclosure practices, according to court documents.
The settlement specifically prohibits the Baum law firm from engaging in certain practices related to the Mortgage Electronic Registration Systems, Inc. (MERS).
http://www.dsnews.com/articles/us-fi...res-2011-10-10
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