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Fannie Mae ignored misconduct
Headline News |
2011/10/04 12:46
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Mortgage giant Fannie Mae knew about allegations of improper foreclosure practices by law firms in 2003 but did not act to stop them, a government watchdog says.
Similar allegations are the subject of a probe by state attorneys general into how lenders and law firms ignored proper procedures to handle a crush of foreclosure paperwork.
An unnamed shareholder warned Fannie Mae of alleged foreclosure abuses in 2003, the inspector general for the agency that regulates Fannie says in a report being released Tuesday.
Fannie Mae responded by hiring a law firm to investigate the claims in 2005. The law firm reported in 2006 that it had found foreclosure attorneys in Florida "routinely filing false pleadings and affidavits."
Fannie officials said they told a government official about the law firm's findings in 2006. That unnamed official, who now works for Fannie's regulator, the Federal Housing Finance Agency, said he couldn't recall the conversation, the report says.
Fannie began using a network of attorneys in 1997 to help handle foreclosures, evictions and bankruptcies. In 2008, the network grew to 140 law firms. And the number of foreclosures in Fannie's portfolio reached historic highs. Foreclosures more than doubled from 2007 to 2008. They grew 50% in 2009. |
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SC attorney general, treasurer clash on lawyers
Headline News |
2011/09/15 22:03
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South Carolina's treasurer and attorney general are clashing over a plan to use law firms to review state pension fund investments for fraud and underscoring a soured relationship for top Republicans.
Attorney General Alan Wilson said Wednesday that fellow Republican Curtis Loftis had supported that proposal before an about-face during the past month. The state's pension plans had nearly $19 billion in investments, according to the last formal financial report.
Meanwhile, Loftis released a statement asserting his authority over issues with retirement funds and questioned whether lawyers were needed because he has "extensive monitoring and other resources" in place to watch over pension funds.
"Like many Treasurers across the country I am the custodian of the state's funds," Loftis said. "We closely monitor these funds to make sure they are well protected."
Earlier this year, Loftis told legislators he needed authority to spend more money to monitor taxpayer money. And Legislators gave him temporary authority to choose lawyers for his office's outside legal work, a move Republican Gov. Nikki Haley vetoed with Wilson's backing.
On Wednesday, The State newspaper in Columbia reported that Wilson's 2012 campaign received $12,000 in contributions from partners in Labaton Sucharow of New York, one of the firms that would review investments. |
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Former Kansas AG Six joins Missouri law firm
Headline News |
2011/09/15 18:01
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Former Kansas Attorney General Steve Six has joined a law firm in Kansas City, Mo., as a partner.
The firm of Stueve Siegel Hanson LLP announced Wednesday that Six will work in its commercial litigation, public client and personal injury practices.
Six is a former district court judge in Douglas County, Kan. He was appointed attorney general in January 2008 by then-Gov. Kathleen Sebelius after Paul Morrison resigned amid a sex scandal.
Last year, Six was the Democratic nominee for a full term as attorney general but lost to Republican Derek Schmidt.
President Barack Obama nominated Six for a seat on the 10th U.S. Circuit Court of Appeals in March. But the U.S. Senate Judiciary Committee never considered his nomination, deferring to opposition from his home-state Republican senators, Pat Roberts and Jerry Moran. |
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Calif. gay marriage ban faces next legal hurdle
Headline News |
2011/09/06 16:17
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California's same-sex marriage ban faces its next legal test Tuesday when the state's highest court attempts to shed light on whether the voter-approved measure's backers have legal authority to appeal the federal ruling that overturned Proposition 8.
The California Supreme Court is scheduled to hear an hour of arguments on that question, which could prove crucial to the future of the voter-approved ban. The federal appeals court that is considering the initiative's constitutionality wants the state court to weigh in on the matter before it issues its decision.
The 9th U.S. Circuit Court of Appeals has expressed doubts about the ability of Proposition 8's sponsors to challenge the lower court ruling absent the involvement of California's governor or attorney general, both of whom refused to appeal a federal judge's August 2010 decision striking down the ban as a violation of gay Californians' civil rights.
The court punted the question to the California Supreme Court earlier this year, saying it was a matter of state law.
Lawyers for the coalition of religious and conservative groups that qualified Proposition 8 for the November 2008 ballot maintain they are legally eligible to represent the majority of California voters who approved the same-sex marriage ban. They argue that because California has such a vigorous citizen's initiative process, it would not make sense for elected officials to effectively veto measures by not defending them in court. |
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A Court Cannot Exclude Evidence Because It Is Self-Serving
Headline News |
2011/08/31 15:38
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In Reed v. City of Evansville, _ N.E.2d _ (Ind. Ct. App. 2011), Cause No. 82A05-1012-PL-768, Evansville sought to have some of the evidence the Reeds submitted in opposition to the City's motion for summary judgment because it was "self-serving." Today, the Court of Appeals clearly stated that parties should not make this same objection in the future.
The Reeds filed a claim against Evansville and Evansville moved for summary judgment, arguing that the notice was not timely under the Tort Claims Act. The trial court granted that motion and the Reeds appealed.
On appeal, the Court held that the trial court erred when granting summary judgment to the City, because there were genuine issues of material fact. The court then addressed the City's cross-appeal, which challenged the trial court's denial of the City's motion to strike some of the Reeds' evidence. The City moved to strike some of that evidence because it was "self-serving." The Court had none of it.
http://www.indianalawupdate.com |
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Goldman falls on news that CEO hired top lawyer
Headline News |
2011/08/23 14:54
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Goldman Sachs shares fell sharply Monday following news that its CEO, Lloyd Blankfein, has hired a top Washington defense lawyer.
Blankfein and other top executives at Goldman Sachs Group Inc. are facing inquiries from the Justice Department and other agencies on the firm's practices leading up to the financial crisis.
Goldman confirmed a report from Reuters that Blankfein has retained Reid Weingarten from the law firm Steptoe & Johnson LLP. Weingarten is known to have represented top corporate executives who have been charged with wrongdoing including former WorldCom chief Bernard Ebbers.
Weingarten's office didn't immediately respond to requests for comment. Goldman Sachs said in a statement: "Blankfein and other individuals who were expected to be interviewed in connection with the Justice Department's inquiry into certain matters raised in the (Senate's Permanent Subcommittee on Investigations) report hired counsel at the outset." |
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