"New Century Defendants Lawyer Up
A trio of law firms has lined up to defend three former New Century Financial executives who were charged with fraud by the SEC on Monday.
Proskauer Rose's Bert Deixler, the former head of the firm's Los Angeles office, is representing former New Century CEO Brad Morrice along with associate Damian Martinez.
New Century was once the nation's second-largest subprime mortgage loans provider and was valued at more than $1 billion before the company filed for bankruptcy in April 2007 after the mortgage market collapsed.
A subsequent report by bankruptcy examiner Michael Missal of K&L Gates criticized New Century's auditors and outside counsel at KPMG and O'Melveny & Myers for certain accounting practices and discovery delays. But Missal came down even harder on New Century executives, whom he claimed were responsible for improper loan evaluations and inflated profits by the real estate investment trust.
As noted by sibling blog Legal Pad, it appears the SEC took many of Missal's recommendations to heart. "
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Link to Article
http://amlawdaily.typepad.com/amlawdaily/2009/12/new-century-defendants-lawyer-up.html
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Lenders knew what they were doing to consumers. They allowed appraisals to come in higher then the homes value, they knew it was happening all along. Appraisers, Home Inspectors, and more were pushed into making the Deal Close. Mortgage Brokers committed fraud rampant and No One listened to those of us out here telling the FBI, the State Governing Bodies, the Association of Realtors.
Proskauer Rose has No Business defending and SEC Case such as this with their known affiliations, connections to the Supreme Court, and their involvement in a Trillion Dollar Stolen Patent from the Iviewit Company ( www.Iviewit.TV ) - there is to much room for pay offs, side deals, corruptions and favors owed.
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The thousands losing their real estate to foreclosure deserves better.
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