On Monday, New York law firm Grais & Ellsworth jumped into the legal blogosphere with a new law blog on the fallout from the subprime mortgage crisis entitled “The ABS Investor Advocate.” According to named partner David Grais, the blog’s purpose is, “to give ABS [asset backed securities] investors a forum and thereby to help protect their very legitimate interests.”
The blog should become another excellent resource for those seeking to keep tabs on the ever-changing legal landscape and proliferation of litigation stemming from this crisis. Like my firm, Howard Rice, Grais & Ellsworth will be able to offer a unique perspective on these issues due to its representation of Bill Frey and Greenwich Financial Services in their class action lawsuit against Countrywide and their involvement in Frey’s lobbying efforts in Washington to foment opposition to the Servicer Safe Harbor.
The blog’s early posts include commentary on the Goldman Sachs settlement with the state of Massachusetts, Grais‘ “Five Reasons Why ‘Servicer Safe Harbor’ Will Be Bad for America” (discussed in a prior post here), and a comparison of the text of the House and Senate Versions of the Servicer Safe Harbor (which references a post in the Subprime Shakout on the Senate’s general approach of downplaying the Safe Harbor provision of the Helping Families Save Their Homes Act).
Perhaps this blawg will become the voice for mortgage-backed securities investors that has been generally missing from the national debate on loan modifications. I look forward to keeping tabs on this new resource at the heart of the subprime shakeout.
[Editor's Note: the ABS Investor Advocate blog appears to have been taken down. If anyone has any information on this development, please contact me - IMG]