Monday, February 21, 2011

Foreclosure Lawyers Have Conflicts of Interest?

I can't believe lawyers could be motivated by something other than what is in the best interests of their clients:
[M]ediators complain lenders and their attorneys are stifling the system by pressuring negotiations to end in a stalemate.

In some cases, mediators report that deals were struck for trial payment plans or to seek a loan modification, but that banks or their attorneys asked for the meeting to be recorded as an impasse.
The motive for a deadlock, homeowner advocates say, is money. Declaring a different outcome stalls the process and could mean a return to mediation if an agreement falls through. At the same time, several of the state's large foreclosure law firms also run title companies, which can pick up business when a home is repossessed.
This is apparently why the mediation forms no longer have "impasse," but instead have "adjournment" as an option if the mediation does not either settle or fail.

I'm sure the Bar will get right on this.

In other news, today is President's Day, which means your kids are home, the courts are closed, and you get to wear jeans to the office, write a letter or work half-heartedly on a brief, surf the tubes without interruption for three hours, and pretend you did something billable.

I call that American exceptionalism.


Shoot The Lawyers said...

I have dedicated these faux holidays to making a half hearted salute to Mad Men. That is, lunch is a trip to an old girlfriend's apartment to be followed by a 5 30 pm Scotch on the rocks in the office.

Anonymous said...

I'm holding my breath for the bar to jump right on this.

Anonymous said...

I'm updating my resume.

Holly at Tropic of Mom said...

Did you say surf? I'm pretty sure you did.