A.G. Schneiderman Announces $4 Million Settlement With New York Foreclosure Law Firm Steven J. Baum P.C. And Pillar Processing LLC

NEW YORK, NY – March 27, 2012 – (RealEstateRama) — Attorney General Eric T. Schneiderman today announced an agreement with Steven J. Baum P.C. (“Baum Firm”), Pillar Processing, LLC (“Pillar”), Steven J. Baum, and Brian Kumiega requiring them to pay $4 million to New York State in penalties, costs and fees, which will be used in part for programs that offer assistance to homeowners facing foreclosure or victims of predatory lending practices. The agreement stems from abuses in their foreclosure-related legal work. Baum Firm founder Steven J. Baum and managing partner Brian Kumiega also agreed to not represent lenders or servicers in new foreclosure-related cases for a period of two years. Until ceasing most of its operations on or about December 31, 2011, the Baum Firm was the largest foreclosure firm in New York State.