Washington, D.C.- Increased scrutiny of mortgage servicers’ foreclosure practices during recent weeks – including accusations of inaccurate and fraudulent paperwork, self-imposed moratoriums, threats of lawsuits, and calls for hearings, investigations, and federal and state legislation, among much other activity - has left loan servicers across the United States scrambling to ensure that they have procedures in place to comply with applicable laws and to brace for possible challenges to their past practices. Having advised and litigated on loan servicing and foreclosure issues for a number of years, global law firm K&L Gates LLP has assembled a cross-disciplinary team to assist clients in addressing questions and responding to allegations regarding their foreclosure practices and procedures.
The task force will assist clients in formulating a coordinated, nationwide defense to a wide range of allegations, from inadequate documentation and wrongful foreclosure to lack of standing to foreclose and failure to comply with affidavit and notarization requirements, among others. The group draws upon lawyers from diverse practice areas with vast experience in counseling residential mortgage loan servicers on compliance with state servicing laws; initiating and conducting internal investigations (including having served as examiner in the high-profile New Century and WorldCom bankruptcy proceedings); defending lenders and loan servicers in federal and state government enforcement actions, class actions, loan-level litigation, and commercial disputes; providing electronic discovery services; and serving as a policy and government affairs counselor before Congress, executive agencies, and state equivalents.
“Combined with the firm’s recognized capabilities in the compliance, policy, litigation, and government enforcement areas, K&L Gates’ leadership and experience on mortgage finance and loan servicing matters make us particularly well-suited to assist clients impacted by this most recent attack on foreclosure practices, with our task force providing yet another example of the firm’s unparalleled government solutions abilities,” stated Laurence E. Platt, a mortgage banking partner in the firm’s Washington, D.C., office and a leader of K&L Gates’ financial services practice area.