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Legal Ethics

AG Subpoenas New York’s Biggest Foreclosure Firm and Processing Company Spinoff

Posted Apr 11, 2011 5:00 AM CDT
By Martha Neil

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Subpoenas have been issued by New York's attorney general to the state's biggest mortgage foreclosure firm, Steven J. Baum, P.C., and a spinoff processing company, seeking information about their practices.

However, Steven J. Baum, who operates the 70-lawyer Amherst, N.Y., firm, says it has done nothing wrong and will cooperate with AG Eric Schneiderman's investigation, reports the New York Times.

Baum founded the other company under investigation, Pillar Processing. The default servicing company was spun off about four years ago.

An unidentified lawyer who has represented borrowers against the Baum firm says federal prosecutors in Manhattan also have requested information.

The Department of Justice and Schneiderman declined to comment.

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