Fannie Mae And Freddie Mac Helped Make David Stern A Multi-Millionaire
Attorney David Stern who runs what is arguably the biggest foreclosure mill in the State of Florida has been raking in mega bucks handling foreclosure cases for some of the nation’s biggest banks…and oh yeah, Fannie Mae and Freddie Mac as well.
Stern’s fortune is exemplified by his $15 million mansion, four Ferraris, and a 130-foot yacht. None of this would really cause one to bat an eyelash and he would just be considered a mega rich attorney.
The difference is that many of the foreclosure cases he has worked on may indeed be fraudulent. At the very least his operation appears to operate unethically.
It seems that Stern’s company has been ramming foreclosures through at an unbelievable pace. So what is a few documents are faked and some are notarized by phantom notary publics. No harm no foul right? Wrong!
There’s this little document called an assignment of mortgage that seems to be causing Stern’s office a whole lot of grief and the more people who talk about this…the more grief he has to explain. [by the way this has been one of the tools that we use to get foreclosures stopped when we're buying a foreclosure. Most Realtors have no clue about this technique so make sure that you learn it and learn it well]
But it’s hard to explain. Especially when the documents are right in front of you. Right there in black and white you can clearly see time and time again where Stern’s office has foreclosed first and then AFTER the foreclosure his office has gone back into files and back dated documents or simply played catch up after the home was repossessed.
The primary reason these shenanigans take place is because most foreclosures go through uncontested and there is no homeowner there to raise the objections.
You see most homeowners who can’t afford to pay their mortgage usually can’t retain an attorney to defend them in a foreclosure lawsuit… so Stern and his minions simply run amuck through the Court system and for the most part no one ever notices.
So you ask, what about the judges, surely they must not know about this. For if they knew they wouldn’t participate in this tomfoolery. Would they?
The judges are so swamped with this stuff that they just don’t pay attention,” says Margery Golant, a veteran Florida foreclosure defense lawyer. “They just rubber-stamp them.”
If you want to know more about the sleazy practices of a foreclosure mill like David Stern’s office (trust me…he’s not the only one who commonly does this), then check out this article recently penned by Andy Kroll at Mother Jones.
It’s some pretty amazing stuff.
The Sidebar | What is an Assignment of Mortgage What is an Assignment of Mortgage and Why Is It Important In a Foreclosure Action? UPDATE: If you are new to this article be sure to read and scroll all the way down. The meat of this article is in the tremendous information profided in the comments by mortgage professionals and …
federal judges, FORECLOSURE MILLS, & Freddie Mac
In Louisiana (and probably in other States), Freddie Mac, Wells Fargo, Federal Court Judges, and Foreclosure Mill lawyers are engaged in various illegal foreclosure activities:
1) Foreclosure mill lawyers file into court records obfuscated money-making pleadings (summary judgments, etc) even when Freddie Mac is NOT party to the lawsuits. In so doing, those lawyers deceptively rake in billable $$$$ under pretext of representing Freddie Mac. Additionally, those mills facilitate use of Freddie Mac’s identity for purposes of causing litigations to become transferred (removed) from state court to federal court, when those lawsuits otherwise would remain in state due to lack of federal subject jurisdiction. Making this farce even worse is unjust “forum-shopped” federal courtrooms of which the federal judges know (it’s impossible to not know) those cases lack federal subject matter.
2) In blatant conflict of interest, some foreclosure mill lawyers obtain for themselves ownership of those properties; and these mills welcome litigation which adds billable fees. After their “simulated” property auctions, some mill lawyers actually bid and taken ownership of the properties, and then FLIP the property to Freddie Mac.
3) Wells Fargo (WF) benefits from real estate foreclosure schemes by filing false IRS (“acquisition”) form 1099-A’s, despite that WF never lawfully “acquired” some of those so-called foreclosed properties, which became foreclosed via either defunct mortgage lenders’ names or lenders’ names no longer own those notes.
4) See this foreclosure case filed under defunct Lehman Brothers as owner of the mortgage loan, while Wells Fargo also claimed ownership of that exact loan and sought the insurance proceeds for that Hurricane Katrina damaged property. (There are likely hundreds, thousands of such Katrina insurance incidences!) http://www.lawgrace.org/2008/09/14/lehman-brothers%E2%80%99-mortgage-troubles-nationally-evidence-of-foreclosure-fraud-deception-and-conspiracy-with-wells-fargo-deceptive-judicial-filings/
Foreclosure mills are being unjustly enriched, and lenders and courtrooms are abetting –and sometimes benefitting from these fraudulent foreclosure schemes.
MORE:
Illegal Foreclosures & Evictions, Appalling Lender / Lawyer Abuses…
http://newsblaze.com/story/20091011141440lawg.nb/topstory.html
Lack of Legal Help: One More Way the Deck Is Stacked Against Homeowners
http://www.huffingtonpost.com/arianna-huffington/lack-of-legal-help-one-mo_b_310353.html
OPEN LETTER TO PRESIDENT OBAMA on Foreclosure Crisis
http://www.pr-inside.com/open-letter-to-president-obama-on-foreclosure-crisis-r1505916.html
Barbara I normally don’t allow commenters to post links in comments but WOW! Thanks for some great info. Please continue to visit! What do you think is going to be done about all of this?