When Patrick, a native of Spirit Lake, accepted the position of Iowa Assistant Attorney General in Des Moines, he began his job by taking on the largest subprime mortgage company in the country, Ameriquest, and winning a $325 million settlement for consumers.
Next, he worked to put an end to mortgage foreclosure abuse and fraud, including a practice that came to be known as “robo-signing,” through an 18-month investigation of and negotiation with the nation’s five largest mortgage servicers. As the lead Assistant Attorney General for the country and a key negotiator in the settlement of this federal-state accord, his efforts resulted in a $25 billion national settlement for consumers.
“It was difficult to coordinate the state’s Attorney General Offices and banking officials, as well as the Department of Justice, HUD, the Department of Treasury, and U.S. bankruptcy trustees,” says Madigan. “The Ameriquest settlement in 2006 and the “robo-signing” settlement which involved some of the nation’s major banks, were real challenges.”
Throughout his work, Madigan has been up against top attorneys in New York City and Washington, D.C. He has found that he is extremely well prepared by the education he received from the UI College of Law.
Madigan also is one of the founders of Iowa Mortgage Help. The Iowa Mortgage Help initiative’s purpose is to develop a planned, integrated response to the housing crisis with the intent to assist in helping all impacted Iowans find the best possible solutions to their home mortgage issues. The initiative has helped more than 20,000 Iowans.
Madigan’s work was recognized this month by United States Attorney General Eric Holder. He was awarded the U.S. Department of Justice’s second highest award for employee performance, the Attorney General’s Award for Distinguished Service. Recipients of this annual award exemplify the highest commitment to the Justice Department’s mission.
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