Foreclosure King Removed From The Throne

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The Florida Supreme Court made the decision to disbar Florida Attorney David J. Stern who grossed $260 Million in 2009. He was the front-runner in the foreclosure scandals often referred to as Robo-Signing. It was common practice in his office for staff to falsify signatures in an attempt to expedite foreclosures. No wonder David Stern’s Office handled nearly 100,000 foreclosures in 2009 before his practice collapsed.

David Stern is often pegged as an anti-family, greedy, corporate individual who wants nothing more than to take your home. I won’t defend the guy and his poor business practice, but let’s not forget that these thousands of cases began as a result of homeowners not paying their mortgages. Mr. Stern’s inaction and poor supervision surrounding his staff was an attempt at taking advantage of those homeowners already in a vulnerable position. Had he simply completed the cases  with respect for the law, he would likely have won most. Instead he went for the big pay day and it came at a cost; his bar license. But does he really care?

The Supreme Court was weak on this one! Sure, he loses his license and will likely never practice law again. However, he  was only required to pay fines totaling $49,125. That’s a fraction of the increased earnings he obtained by taking advantage of an unstable foreclosure market. $49,125? Really? I guess he has no choice but to retire early and take his $200 Million to the Cayman Islands to live in eternal bliss. Meanwhile, Florida’s foreclosure attorneys receive files from David Stern’s Office and are left cleaning up his mess.

Joshua Eberle

Sources:

http://www.bizjournals.com/southflorida/blog/morning-edition/2014/01/broward-foreclosure-lawyer-david-stern.html

http://www.abajournal.com/news/article/onetime_king_of_foreclosure_firm_grossing_260m_annually_is_disbarred/

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