Daily Finance | Lawyers’ Carelessness Was Key to the Mortgage Mess

Lawyers’ Carelessness Was Key to the Mortgage Mess

By ABIGAIL FIELD

Two of my biggest concerns about the mortgage mess involve the conduct of lawyers at every stage, from creating the toxic securities to foreclosing on homes, and that so far the major players haven’t been held accountable for their actions in creating the crisis. Both concerns are neatly encapsulated by an enforcement action taken by the Securities and Exchange Commission at the end of last week.

On Friday, the SEC announced it is taking administrative action against David M. Tamman, a partner at Greenberg Traurig, a major international law firm. (Or at least, he was a partner: His page on the firm’s website has been removed.) The SEC is going after Tamman because it says he falsified a document that described securities he helped a client sell. That is, when the SEC asked Tamman for copies, it says he altered the real document and gave the SEC the fake.

While that conduct is egregious — and kudos to the SEC for going after him — it’s not that different than the ways many, many lawyers have behaved throughout this documentation debacle. For example, attorneys for multiple banks have been giving courts fraudulent documents in order to speed foreclosures, in many cases “robo-signing” the documents themselves. And consider the magnitude of the carelessness — it seems at least like malpractice to me — employed by the big firms involved in the securitization deals.

See full article from DailyFinance: http://srph.it/f89tw1

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Comments
8 Responses to “Daily Finance | Lawyers’ Carelessness Was Key to the Mortgage Mess”
  1. Dee Miller says:

    While lawyers deserve most of the disparagement they get, the truth is, the bankers originated this mess. They were, without mitigation, and with malice of forethought totally deleterious in their fiduciary duties as bankers: i. e., supposed to be acting as a professional with the main responsibly of investing the money of others. A very basic requirement of being a banker is to perform due diligence in order to acquire knowledge about the borrower that would lead a reasonable and prudent man to believe that that borrower can and will repay the money loaned. How could any banker agree to a sub-prime loan or any loan that did not require documentation or verification of anything meaningful to the borrowers’ financial capabilities in the first place? I want to know what was the incentive to the bankers to abrogate their most primary responsibility to make all these loans that were totally unconscionable from their inception and from whom did that incentive come? I want to know why the bankers thought this behavior would be acceptable and why Congress has rewarded them for this criminality? Or better yet, how will we ever overcome the damage we are suffering because Congress has rewarded this criminal behavior and stuck themselves into a trap where they will forever reward it?

  2. wonton90 says:

    Isn’t that the same firm in Florida that David J Stern is using to go through his books to ensure there
    were not any shenanigans I guess they all stick together…..

  3. Bust them! says:

    Carelessness?, More like believing they were immune from any civil or criminal ‘liabilities. This a RICO matter, from every angle, and on every bad actors part. This is not an issue of ‘negligence’ IMHO. It is criminal intent. Racketeering and ‘protection’ provided by corrupt lawyers and those in the judicial system and politics who are in their pockets.
    I wonder how many politicians and judges, and State Attorneys General Unknowingly obtained campaign donations from counterfeit mortgage proceeds? or from those who are counterfeit mortgage racketeers.
    Then forced to remain ‘quiet’ or be revealed.
    How many politicians are forced to remain silent, being set up. Never knowing that they received illegal funds? Until they faced exposure or even prosecution by the very corrupt people who set them up?
    Just thinking outloud.
    This is NOT an unlikely scenario. IMHO.

  4. Jack Moronic says:

    The lawyers did it? Which ones? Guys like John Dugan? Debt collectors are clerks, they were just going with what they were told to do, the promise being good pay.

  5. l vent says:

    The real burning question everyone wants to know is who owns the land our homes sit on? They are the ones forcing lawyers and banks an mortgage servicers to commit fraud and hiding in the shadows.. I found out that Golman-Saks is one of the biggest Vatican-Jesuit SMOM Individual banking proxies. The plot thickens.

    • l vent says:

      The information is all over the internet and the knowledge is free for the taking. We must look outside of the box to discover the truth. The truth about the Ponzi Scheme which led to Fraudclosuregate is alot deeper than the surface. Their philosophy is :If they tell a lie often enough we we will believe that lie. It is very deceptive. We need to look a the facts. The FBI blew the whistle on all of the mortgage fraud in 2004 to our Government and warned of an imminent finacial crisis due to all of the mortgage fraud. Nothing was done. The Government wanted every American to own a home whether or not they could afford one.
      We were all set up to fail and NOT BY THE BANKS. Come on People. Stop believing the lies. This Country is NOT BROKE EITHER. WHERE DID ALL OF THE STOLEN WEALTH GO? NO ONE WANTS TO ASK THAT QUESTION AND THE TOP 1% ARE TRYING TO COVER-UP THE HEIST PARTLY VIA HO– USE STEALING AND ARE USING SCAPEGOATS TO PERP THIS CRIME AGAINST THE PEOPLE. The banks wanted to share the free market capital wealth with homeowner’s and commercial property owners by selling us our homes and mortgages for a nominal fee to allow all of us to share in the wealth they could create via our collateral. How AMERICAN OF THEM. Now who is being greedy and fraudclosing or trying to impose fake debt loan mods or “offering” deed-in-lieu in order to house steal with ease or create a fake debt burden on homeowners? The shadow is lurking and taking on many identities in order to ‘STEAL’ what wealth we might have left. President Obama must put a Nationwide Moratorium on Foreclosures or we should not vote for ANY OF THEM next election. They are also continuing to IGNORE AND TRY TO COVER-UP THE TRUTH AND LIE TO AND BLAME THE PEOPLE VIA MOUTHPIECES IN OUR OWN MEDIA AND “ELECTED” GOVERNMENT LEADERS. That is UNAMERICAN. Time for someone in our Government to TELL THE TRUTH FOR ONCE.

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