Monday, November 21, 2011
No more Halloween parties for Steven J Baum PC
One of New York's largest foreclosure mills will be shutting down due to lack of business. Not that there is a slowdown in foreclosures, just that all his clients have dropped him.
Steven J. Baum PC, one of the largest law firms specializing in home foreclosures in New York state, is shutting down after losing business from Fannie Mae and Freddie Mac.Quel dommage! Where will they go next Halloween?
The Baum firm notified government entities, including the New York State Department of Labor, that it planned mass job cuts, it said in an e-mailed statement today. Earl Wells, a firm spokesman, confirmed that it’s closing.
This month, Fannie Mae and Freddie Mac, the mortgage- finance companies operating under U.S. conservatorship, dropped Steven J. Baum PC from their lists of law firms eligible to handle foreclosures. Home-loan servicers including Bank of America Corp. (BAC) and Ally Financial Inc. also stopped using the firm, which last month agreed to pay the U.S. $2 million and change its practices to resolve a probe of faulty foreclosure filings.
“Disrupting the livelihoods of so many dedicated and hardworking people is extremely painful, but the loss of so much business left us no choice but to file these notices,” Steven J. Baum, who owns the firm, said in the statement.
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