Abigail C. Field: MBS and Foreclosures Expose Our Degraded Legal Profession

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Abigail C. Field: MBS and Foreclosures Expose Our Degraded Legal Profession

Abigail C. Field: MBS and Foreclosures Expose Our Degraded Legal Profession

Like I’ve said before “Lawyers are paid to fix mistakes, not to make fraudulent ones”


Abigail C. Field-

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…

[REALITY CHECK]

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