Dig in and discover that the U.S. Attorney's Office in Manhattan had investigated and fined the law firm for filing misleading legal papers to expedite foreclosures- a deceptive foreclosure practice utilized by many other law firms in NY State.
Dig in and discover that the firm recently asked a judge to reject, as unconstitutional, a year-old court ruling requiring foreclosure lawyers to sign a document affirming the validity of the mortgage documents held by the banks and servicers they represent.
Dig in and discover that the U.S. Attorney's Office in Manhattan was aware that the firm was allegedly withholding large sums of money from foreclosed co-ops, as well as possibly millions of dollars from hundreds of others.
A spokesman for the state Attorney General assures: "... (we) will continue to bring accountability to the firms responsible for the mortgage crisis, and put an end to the abusive foreclosure practices that have devastated families across the state."
Except it didn't put an end to this firm's abusive foreclosure practices.
Photographs did.
Contemptible images from a Halloween party sparked outrage with the media and the public, eventually compelling Fannie Mae, Freddie Mac and other major lenders to pull their business from the firm. 90 employees will lose their jobs. The document-processing firm associated with the law firm will also lay off 590 employees: "....hard-working, dedicated people as well as loyal employees, (who) performed their work with great integrity."
White Plains consumer-bankruptcy lawyer Linda Tirelli is pleased that a "foreclosure mill" firm that defrauded the courts will shut down: “It’s about time...but why has it taken so long?” she asks.
Clearly the law firm was engaged in unethical and deceptive practices for years. But it remained in business until images of its employees mocking people who lost their homes hit the news. Do we now need photographs to hold individuals and corporations accountable for reckless actions?
At least The U.S. Attorney's Office says it will bring accountability to the firms responsible for the mortgage crisis.
So that must mean it is investigating the brain trust at the nation's largest banks, geniuses who concocted programs and pay-offs for risky sub-prime loans and “no documentation” mortgages; bankers whose corporations made billions when mortgages were securitized and sold off to investors; bankers who knew that the consequences of handing out money to unqualified home borrowers could prove disastrous for our nation.
Because actions have consequences.
The consequence if I recklessly decide to drink half a quart of vodka and get behind the wheel of a car, inadvertently causing bodily injury or death to someone? Jail time.
The consequence of reckless decisions and actions made by select employees of a NY law firm? 700 people are being laid off- during the holidays.
The consequences of a select number of senior bank executives' reckless decisions and actions that crushed a nation's economy and resulted in the loss of countless jobs and fortunes?
1. A government bailout- to the tune of $7.8 trillion- necessary to avert a financial catastrophe (fingers crossed.)
2. Their banks profit- up to $13 billion- from relending the bailout money to businesses and consumers.
3. They keep the staggering amounts of cash they pocketed before their house of cards collapsed.
Why has it taken so long to hold select senior level banking executives accountable for reckless decisions and actions that caused this nation's housing disaster?
We need a photo.
A good one.
Does any former low level bank employee have an appalling image to share with Jon Stewart?
QUING Hereby Decrees: Photographs have consequences. I am watching. So is everyone else.
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