Posted on 03/11/2011 3:06:01 PM PST by Neidermeyer
Federal mortgage backer Freddie Mac is taking its foreclosure cases from the Fort Lauderdale-based Marshall C. Watson law firm, one of eight Florida firms facing state scrutiny for its handling of home repossessions.
Brad German, a spokesman for Freddie Mac, confirmed the removal of the cases this morning, but did not say why Watson will no longer be used.
“Going forward our servicers will be directing business to other counsel,” German said.
In a statement, the Marshall C. Watson law firm said the parting was a mutual decision made by both sides.
“Freddie Mac and our firm mutually decided to part ways,” that statement said. “The Freddie Mac portfolio was only a small portion of the firm’s business, representing less than ten percent. Our firm will continue to work with Freddie Mac to ensure the transition of files is expedited and smooth. We are operating as normal with respect to all other clients and as always remain focused on providing superior service.”
Freddie Mac’s designated counsel list, which shows which attorneys the group uses in each state, was updated for Florida yesterday to remove Waston’s name.
Marshall C. Watson is just the latest firm to lose its federal foreclosure business. The Law Offices of David J. Stern in Plantation was fired in the fall by both Freddie Mac and Fannie Mae. Stern said last week the office would stop doing all foreclosure work as of March 31, leaving as many as 100,000 cases stranded statewide.
The Fort Lauderdale firm of Ben-Ezra & Katz was fired in February by Fannie Mae and is in the process of transferring about 15,000 cases to new attorneys.
The Law Offices of Marshall C. Watson are still on Fannie Mae’s retained attorney network list.
Some of these firms are going to go bankrupt.
Who is worse? Marshall Watson or Freddie Mac? I call it a tie.
I saw Diogenes at the gas station today. He looked tired.
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