Nearly eight years after the subprime mortgage crisis violently shook the U.S. economy, law firms representing lenders and servicers in foreclosure actions are continuing to feel aftershocks that are sometimes fatal.
New Jersey firm Zucker, Goldberg & Ackerman is planning to close its doors in late August after 92 years in business. Despite a healthy volume of business, the firm is more than $20 million in debt. The underlying reason, its bankruptcy counsel has said, is that mortgage-servicer clients were refusing to pay.
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