“When Covid-19 brought chaos to financial markets and uncertainty to millions of American homeowners and renters, Todd responded with a steady hand to help lead Fannie Mae in its efforts to bring stability to the mortgage market,” Harris said. “Todd showed remarkable resilience in 2020 as he led team … through an unprecedented time in the company and country’s history,” said Fannie Mae Associate General Counsel Stephen Harris, who nominated Barton for the honor. The answer to that question rests in the reason that the Association of Corporate Counsel’s DFW Chapter and The Texas Lawbook are awarding Barton with the 2020 DFW Outstanding Corporate Counsel Award for Legal Innovation. How does Barton and his small band of in-house counsel handle such a massive caseload? Then Covid-19 struck, and tens of thousands of mortgage holders lost jobs, couldn’t make monthly payments and banks and lending institutions closed their offices. In the end, Fannie Mae was paid approximately $37.5 million under the confirmed plan, avoiding any financial loss. “The goal is to manage the cases so that Fannie Mae suffers no financial losses and that any sales and transfers of servicing proceed smoothly with no adverse impact on borrowers.” “The case was particularly challenging because it presented a novel issue of bankruptcy law regarding consumer claims, and the bankruptcy judge initially denied confirmation,” Barton said. In the fall of 2019, Barton and his team were charged with representing Fannie Mae as a creditor in the Chapter 11 bankruptcy of Irving-based Ditech Financial, which involved the transfer of servicing of more than 428,000 mortgages with unpaid balances totaling $53 billion. Premium Subscribers: For a special Q&A with Fannie Mae Deputy General Counsel Todd Barton Click Here. There have been multiple consumer class action lawsuits regarding the conduct of loan service providers. One dispute in New York lasted nine years. The result has been thousands and thousands of different pieces of litigation, which range from personal injury, property damage and even wrongful death cases. Other years, it has been as high as 160,000. Some years, that inventory has been at a measly 7,000 properties. that are acquired by Fannie Mae in foreclosure falls under Barton’s group, which is based in Plano. Legal support for all properties in the U.S. Welcome to the world of Fannie Mae Deputy General Counsel Todd Barton and his team of 29 lawyers, paralegals and support staff. Imagine a law practice in which you serviced tens of thousands of real estate transactions annually and oversaw the litigation in thousands of cases a year.
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