Ballard Spahr is looking to capitalize on the ever-changing regulatory environment in housing and finance by creating a mortgage banking group.
Partners Richard Andreano Jr., John Socknat and Michael Waldron will lead the new group. All three come from the mortgage banking unit at Patton Boggs. It is unclear what will happen to the Patton Boggs mortgage banking practice at this time.
The Ballard Spahr practice will be located in 13 offices across the country.
Ballard Spahr attorneys handle class action and other mortgage lending lawsuits across the country. The former Patton Boggs team will primarily counsel clients on issues concerning the Dodd-Frank Wall Street Reform and other major regulations. The incoming attorneys will also advise mortgage companies and other financial firms on compliance and licensing issues and structuring operations. They will represent clients in federal and state enforcement actions. They also advise clients on issues such as e-commerce, electronic signatures and electronic records storage.
“Acquiring this group of superbly talented lawyers fills out our consumer financial services group in an important way by adding attorneys whose focus is on residential mortgage regulatory work — a need we’ve been aware of for some time,” Ballard chairman Mark Stewart said. “We’re confident that these lawyers will be a perfect complement to our existing practice."