Hat tip to my old friend attorney Claude Walker for “breaking” the Stern story ELEVEN YEARS AGO! Click on the attachment below for a dusty old deposition taken from that case a long, long, long time ago. There’s much more to the story that is reported here in the Washington Post. Among the most profound things to consider is the fact that the catastrophes that exist in courtrooms all across the state in the form of files from the Law Offices of David J. Stern should have been predicted given the revelations contained within the prior case and the issues that are discussed in the attached deposition.
…..and now, from the Washington Post…
Fannie and Freddie, the largest mortgage companies, shaped the practices being challenged in courtrooms around the country. They picked law firms that could foreclose fast and paid them based on how many foreclosures they could process. Speed was essential because delays cost the companies money – and, after they were taken over by the government two years ago, meant losses for taxpayers, too.
Not only did the companies urge swift foreclosures, but in at least one case Fannie executives also greenlighted working with a firm that they knew firsthand had engaged in legally questionable practices, according to documents and interviews with lawyers and industry officials.
That firm was the Law Offices of David J. Stern in Florida, which built a hundred-million-dollar-plus business foreclosing on the tens of thousands of borrowers who lost their homes in the housing crash.
Don’t forget to LEAVE COMMENTS TO THE STORY, then come back here to READ THE DEPOSITION FROM A DECADE AGO.