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FORECLOSURE MILL ATTORNEY David J. Stern's Yacht and Bugatti - From Ill Gotten Gains? 100K foreclosures at any point in time

FORECLOSURE MILL ATTORNEY David J. Stern's Yacht and Bugatti - From Ill Gotten Gains? 100K foreclosures at any point in time

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Published by 83jjmack
His firm handled 100,000 foreclosures at any point in time!!

The Florida Bar, which regulates lawyers in the state, has an open investigation into Stern, according to Karen Kirksey, a spokeswoman. She declined to comment on the nature of the investigation because it’s confidential. The Supreme Court of Florida approved a reprimand of Stern in 2002 after the bar said he submitted “potentially misleading” affidavits about his costs in foreclosure cases, according to court documents. He consented to the reprimand, court documents show.

At an investor conference in California in March, Stern told investors that rising foreclosures were the key to DJSP’s success, according to a securities lawsuit filed against Stern and DJSP filed in federal court in Florida in July. Foreclosures, he said, would stay high until 2017, even as President Barack Obama acted to keep people in their homes.
His firm handled 100,000 foreclosures at any point in time!!

The Florida Bar, which regulates lawyers in the state, has an open investigation into Stern, according to Karen Kirksey, a spokeswoman. She declined to comment on the nature of the investigation because it’s confidential. The Supreme Court of Florida approved a reprimand of Stern in 2002 after the bar said he submitted “potentially misleading” affidavits about his costs in foreclosure cases, according to court documents. He consented to the reprimand, court documents show.

At an investor conference in California in March, Stern told investors that rising foreclosures were the key to DJSP’s success, according to a securities lawsuit filed against Stern and DJSP filed in federal court in Florida in July. Foreclosures, he said, would stay high until 2017, even as President Barack Obama acted to keep people in their homes.

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Published by: 83jjmack on Oct 27, 2010
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Foreclosure Fortune Buys Bugatti, Yacht, Mansions for Attorney
 By David McLaughlin - Oct 19, 2010 7:49 AM PT Tue Oct 19 14:49:03 GMT 2010
A screengrab taken from Google Earth shows the home of David J. Stern in Fort Lauderdale,Florida. The larger boat to the right is his yacht, "Misunderstood". Source: GoogleEarth/wbipi.com via BloombergBill McCollum, Attorney General of Florida. Photographer: Ric Feld/BloombergFor Americans, the foreclosure crisis has wiped out fortunes, bringing destitution andhomelessness. For Florida attorneyDavid J. Stern,it has brought mansions, a Bugatti sports car  and a luxury yacht.Florida has the third-highest residential foreclosure rate in the U.S., and Stern, 50, has made afortune off the bust. His foreclosure-processing business has generated hundreds of millions of dollars in revenue preparing documents for the cases that his law firm brings on behalf of lendersseeking to reclaim homes from borrowers who can’t pay their mortgages.
 
 Now his business is under scrutiny, as banks suspend foreclosures and evictions amid allegationsthat some home seizures were based on fraudulent documents. Attorneys general in every U.S.state have joined to probe foreclosure practices generally. Stern’s foreclosure firm and three othersare under investigation by Florida Attorney GeneralBill McCollum.  “Some of these law firms we’re dealing with, we have reason to believe, actually forgeddocuments, committed fraud, did all kinds of things,” McCollum said in an interview Oct. 15. “Wedon’t know where this is headed right now.”Stern’s attorney, Jeffrey Tew, said Stern has used technology and a well-organized operation toefficiently process foreclosures. Stern gets a flat fee of about $1,400 a foreclosure, according toTew, of Tew Cardenas LLPin Miami.‘His Acumen’“David’s wealth is a reflection of his acumen and the tremendous volume of foreclosures,” Tewsaid in an interview yesterday. “He had something to do with the acumen part. He had nothing todo with the amount of foreclosures we have.”Stern’s firm handles thousands of cases a month. It conducted a review of its files and found 21had “issues with the affidavits,” Stern said in a Sept. 8 conference call to discuss second-quarter results for DJSP Enterprises Inc.DJSP provides non-legal foreclosure services, such as titlesearches, for his law firm, Law Offices of David J. Stern PA. Both businesses share the samePlantation, Florida, address.Stern sold those operations this year in a transaction that formed DJSP, a publicly traded companyincorporated in the British Virgin Islands. Stern, the chairman and chief executive officer of  DJSP,  declined through his attorney to be interviewed for this story.Stern grew up in Liberty City section of Miami and worked his way through school, Tew said. Hereceived his law degree from South Texas College of Law in 1986 and founded his firm in 1994.Before that, he worked for a law firm that specialized in representing mortgage lenders, accordingto a regulatory filing by the company that became DJSP.Island MansionStern owns a $15 million mansion on an island in Fort Lauderdale, a $6 million beachfrontcondominium in the city, and a $6 million home in nearby Hillsboro Beach, according to property
 
records. The mansion includes an adjoining property he bought in 2009 to make room for a tenniscourt and parking spaces, according to building records.Cars registered under Stern’s name in Florida include three Ferraris, four Porsches, a Rolls-Royce,a Cadillac and the Bugatti, according to the state Department of Highway Safety and Motor Vehicles. He also owns a yacht, Tew said.“He started from scratch and has built a wonderful legal practice and has made a lot of money,”Tew said. “That’s the American dream isn’t it?”One in 34 housing units in Florida was in the foreclosure process or bank-owned as of Oct. 1, thethird-highest rate in the country, according to Irvine, California-basedRealtyTrac Inc., whichmonitors foreclosure data. State courts have hired additional judges to hear foreclosure cases andclear the backlog.Foreclosures QuadrupleForeclosures processed by Stern’s law firm more than quadrupled to 70,328 in 2008 from 15,332in 2006, according to the regulatory filing. Revenue from non-law-firm operations jumped to$199.2 million in 2008 from $40.4 million over the same period, the filing said. DJSP depends onthe firm for case referrals, according to the regulatory filing.Stern’s law firm received more than 6,000 new foreclosure cases a month and managed 100,000 atany given time, according to the filing, which is dated Dec. 28, 2009.“David and foreclosure lawyers are foreclosing legitimate mortgages that are in default,” Tew said.“And yet, they have been successfully villainized.”According to the filing, the law firm has represented the biggest banks and mortgage servicers inthe U.S., including Wells Fargo & Co.;Goldman Sachs Group Inc.’s Litton Loan Servicing,Countrywide Financial, now owned by Bank of America Corp.; and government-supported FannieMae, the mortgage- financing company. Stern was named Fannie Mae’s attorney of the year in1998 and 1999, according to the filing.State Bar RebukeThe Florida Bar, which regulates lawyers in the state, has an open investigation into Stern,according to Karen Kirksey, a spokeswoman. She declined to comment on the nature of the

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