Thursday, March 22, 2012

NY Firm That Had Foreclosure Costume Party Settles

Baum settles with the New York Attorney General for $4 million with, of course, no admission of wrongdoing. If he charged only $4,000 per foreclosure case (and I think the number may be significantly higher) and filed 100,000 cases then he grossed $400 million dollars. So by my math he paid a 1% fine in response to allegations of robosigning “and other paperwork shortcuts.” Where is the deterrent?

What do you think?

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