Robo-signing firm Steven J. Baum reaches settlement with AG

TRD New York /
Mar.March 22, 2012 12:00 PM

Vilified foreclosure attorney Steven Baum, and his Buffalo-based firm, Steven J. Baum P.C., have reached a settlement with the office of New York Attorney General Eric Schneiderman, the New York Law Journal reported.

Baum, his managing partner Brian Kumiega, the Baum firm and affiliated company Pillar Processing will pay $4 million and have agreed not to handle foreclosure cases for lenders and servicers for two years.

Between 2007 and 2010, Baum’s firm filed 100,000 foreclosure proceedings, and represented some of the largest mortage servicers, the publication said. The AG’s office, which began investigating the firm in April 2011, alleges that the firm acted “without taking appropriate steps to verify the accuracy of” allegations, and sped up improper foreclosures to maximize profit.

Baum’s firm came under fire after pictures from a Halloween party at their office surfaced showing employees mocking foreclosure victims.

A statement from the firm expressed relief at the settlement. “As the firm finalizes the process of closing, it is relieved to bring this matter to a conclusion,” the firm’s attorney Elkan Abramowitz said in the statement. [New York Law Journal]


Related Articles

arrow_forward_ios

16 candidates vie to fill out the rest of Schneiderman’s term

Real estate’s top cop, Eric Schneiderman, is out. Here’s how he changed the industry

AG settles with Allure Group over nursing home investigations

New Jersey-based lender agrees to pay $45M to settle mortgage misconduct claims

Notorious NYC landlord pleads guilty to mortgage fraud, grand larceny

Why outlet malls could soon be popping up in NYC

Landlord Daniel Melamed found guilty of illegally evicting tenants

Steve Croman pleads guilty, agrees to serve 1 year in Rikers

arrow_forward_ios