David J. Stern: Cocksucker of the Year
The housing crisis is such a huge convoluted mess — with everyone blaming somebody else — it’s been impossible to find a single villain. Until now.
David J. Stern is an attorney who runs one of the biggest Foreclosure Mills in the country. These are “law offices” (using the term loosely) that process foreclosure cases on behalf of banks.
The legal process, the rights of homeowners — those little niceties are pushed aside to make way for Maximum Foreclosures ASAP. Robo-signing is the most efficient method for producing the largest number of foreclosures in the shortest period of time. Employees process thousands of court documents without even looking at them.
As this article (by Zachary Roth) says: “The faster a foreclosure moves, the less time a struggling borrower has to fight it.”
During 2009, David J. Stern’s foreclosure mill processed more than 70,000 foreclosures. One of Stern’s former employees gave a deposition describing how the foreclosure mill achieved such a high quota.
For one thing, the process-serving part of this — informing the homeowner that his/her bank is opening foreclosure proceedings — was skipped. Stern’s ex-employee said:
“People were not served. Some of them would go to do modifications on loans, or go to take out other things, and it would come up that they were in foreclosure. And they would end up finding out that way that there was no actual service on them.... Service was a complete mess.”
The same ex-employee also testified that once a bank had referred a foreclosure case to Stern’s office, any subsequent payments by the homeowner were ignored. She also said that whenever she tried to give any kind of help or advice over the phone to a homeowner, she’d get yelled at or threatened by a supervisor. As in, get off the phone and start rubber-stamping some more documents.
But on the bright side, these thousands of ruined homeowners have provided unimaginable wealth and splendor for David J. Stern: A $15 million mansion, a yacht, four Porsches, four Ferraris and a $1 million Bugati. These things don’t come cheap, so God Damn It, get moving on those foreclosure documents. Faster!
Labels: David J. Stern, foreclosure mills, robo signing
posted by Tom Harper @ 2:55 PM
6 Comments:
Gee, Tom, you're being awfully hard on an enterprising American business success story. You must be a socialist, or communist, or something. I mean, here's this crooked lawyer and he's just trying to make his fortune through hard work and screwing every sucker he can sic his hirelings on. It's the American way!
Now, enough of this nasty class warfare. You're just jealous because you haven't found a way to get rich making people who are already hurting homeless.
SWA's right, stop whining like a baby and find a way to get rich off the carcasses of your fellow humans.
Does this man deserve one of Tim's Golden Stiffy awards? I think so.
I'd find a carcass but weren't those were ground up and turned into a Chinese breakfast drink?
Why do you hate America Tom? This man is obviously doing what he does best and that is feeding the economy buying all those things at the expense of the poor people. Why, the way you are going on, you would think people are entitled to have a roof over their heads and be safe from the weather and all that mushy liberal stuff. I see, all this time you have been a liberal blogger and I am JUST now finding out about it. I am now going to find my clutching pearls to get over the vapors I just got finding out you are one a dem durty libruls ;)
SW: You're right; I've seen the error of my ways. One of the biggest HMOs is advertising for a few recission specialists who will terminate coverage for cancer patients while they're right in the middle of their chemo treatments. A new career path! And I'm gonna take it. Newt Gingrich has won a convert!
Randal: See above.
Demeur: It's not just for Chinese breakfast drinks any more. Milk, orange juice, Gatorade -- soylent green is the main ingredient in all of them.
Jess: You're absolutely right. People who lose their jobs and are too lazy to get another one right away, deserve to be ground to bits in the machinery of capitalism. No more liberal whimpering from this born again freemarketer.
Cocksucker is too kind. To paraphrase Shakespeare...First, kill all the lawyers! Definitely start with THIS guy. What a shameless, greedy, robber barron, jackass piece of shit excuse for humanity. He should be stripped of everything he owns in the same fashion as Madeoff and sent to jail for the rest of his days. The same should go for anyone who knew what was going on and didn't blow the whistle on this turd. I'm living on the OTHER side of this problem. I made an offer on a foreclosed property. The offer was accepted, loan was approved and it all came to a screeching halt when this mess surfaced. Guess who the closing attorney was? If he isn't held accountable for his deeds, may the rest of his life be miserable and disease ridden.
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