As I write this, I am disgusted by an insult and offense to those good lawyers who have stood for consumers and the Rule of Law so grave that I will not even repeat it here. It in fact is a very public insult but I will not dignify such blasphemy, such offense to the interests of consumers and the higher calling of what’s left of the honor in the profession of law.
There is a scorecard being kept, and I am so proud of all those good lawyers and activists who stand bravely and proudly in the face of threats, intimidation, persecutions and bullying. Your reward and recognition is knowing that you served the interests of your clients and the higher calling, the aspirational values and goals of The Law.
I am eternally grateful that I have been given the opportunity to live the highest calling of this profession since my hero and mentor April Charney introduced me to this calling so many years ago. I will always be grateful that I spent this time on a path that history will recognize and I will always welcome and grant amnesty to those that have the courage to turn away from the darkness and are willing to embrace the light.
I spent too many years of my life waiting and hoping that The Bar and the legal profession as a whole would embrace the fight for consumers and the defense of The Rule of Law. I pictured good and honorable lawyers working together to forge solutions that served the larger interests of both clients, of society, of our nation as a whole. What a fool I was. Like the rest of the world, the darkness overpowers and far too many are consumed by the evil that exists and to which so many in the practice of law have succumbed.
Abigail Field really nails it here:
We lawyers shrug off the ubiquitous jokes because once wronged, people want us. But in the socially crucial contexts of mortgages, foreclosures and securities, lawyers have become a new kind of joke, one that should shame us all.
Failed Securities Counsel
By now many are realizing that the bankers lied materially and often about the mortgage loans they packaged into securities and sold to suckers like pension funds and Fannie & Freddie. But stop and think about that”“where were the lawyers?
Underwriters’ counsel and issuers’ counsel should never have let those deals go through. Heck, in-house counsel shouldn’t have signed off. And yet the deals were done.
The securities-related lawyering failures didn’t stop once the securities were created and sold. They also involve how the securities are managed-“serviced”- in an ongoing way. As Michael Olenick exposes here, servicer misconduct (including servicers’ foreclosure counsels’ misconduct), has made things much worse. Indeed, catastrophic costs will soon be realized. If the legal profession in this area were still a profession, Olenick’s case study shouldn’t be possible.