GIANT STERN LAW FIRM FIRES EMPLOYEES

Reports are coming from various sources that all, or nearly all of the employees of the Law Firm of David Stern, one of the largest foreclosure mills in the country, received an email this morning telling them to be out by noon. Stern made tens of millions of dollars on filing foreclosures that are now being investigated by numerous civil and criminal authorities. Investors in Stern’s firm or affiliates included little known boutique investment firms that may have been specifically created for the purpose of funding Stern and some of the other foreclosure mills in the country.

Law firms are reporting a blizzard of resumes coming from ex-Stern employees, lawyers, clerks and secretaries.

Living lavish life-styles with personal jets and yachts, the companies that were hand-picked by Wall Street to grind out foreclosures, create the paper, and get the documents executed, whether right or wrong, these firms seem to be the unlucky target of what is shaping up to be a public relations attack blaming the law firms and paperwork mills for the problems with foreclosures. If it works, the Wall Street captains will have successfully insulated themselves from criminal and civil charges.  It will also divert attention, Wall Street hopes, from the worst case scenario: a finding that it is the mortgages themselves that are defective and not just the foreclosures.

Posted in bubble, Corruption, Eviction, securities fraud |