Posted on 30 May 2010. Tags: 25%, a 52-week low, delinquency, dinsfla, djsp enterprises, falling 25 percent on Friday, foreclosure, foreclosure fraud, foreclosure mill, law offices of david J. stern plantation florida 33324, losses, LPS, May 30, mortgage, profit, Prommis Solutions, shares drop, shares of DJSP Enterprises got slammed, stock fall, technology, to $6.46, which file the foreclosure actions. In fact
By RICHARD WILNER NYPost
Last Updated: 1:03 AM, May 30, 2010
Posted: 1:03 AM, May 30, 2010
A new gold rush is sweeping the country — only this time the speculators are looking to get fat off the $4 billion home foreclosure industry by promising banks a streamlined and low-cost method to kick folks out of their homes. DinSFLA: Last time I heard the word “speculators” was in the CONDO BOOM!
In the last two years, as the mortgage meltdown intensified, four companies have gone public or filed papers to go public — each looking to get their hands on cash to help grow into a national powerhouse quickly to take advantage of the soft housing market.
Buying shares of these companies is like shorting the housing market — sort of giving the average investor a chance to be a mini-John Paulson, the hedge fund mogul who made billions betting against the housing market in 2007. There were roughly 2.9 million foreclosures in 2009 and there are currently 6 million homeowners 60 days or more delinquent on their mortgage.
The companies — DJSP Enterprises, which saw revenues grow 31 percent last year, Altisource Portfolio Solutions, which reported a 182 percent jump in profits last year, and Lender Processing Services, whose $2.4 billion in revenue was up 29 percent last year — each offer a technology platform that links mortgage lender clients on one end and law firms clients on the other.
A fourth company, Prommis Solutions, which swung to a $7.9 million profit in 2009 from a loss in 2008, recently filed papers to go public.
The four companies profit, in large part, from the high volume of mortgage defaults — collecting fees from banks for each referral and from law firms, which file the foreclosure actions. In fact, the companies warn that a turnaround in the housing market or additional mortgage-modification plans from Washington could chill their profits.
Last week, shares of DJSP Enterprises got slammed, falling 25 percent on Friday, to $6.46, a 52-week low, after the company lowered its guidance for 2010 in the wake of a drop in the number of foreclosures.
It’s a strange, new sector of the housing finance sector, where bad news for America fattens the bottom lines for these companies, and good news for beleaguered homeowners knocks the stuffing — and dollars — from their bottom lines.
© 2010-12 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.
www.StopForeclosureFraud.com
Posted in djsp enterprises, foreclosure fraud, Law Offices Of David J. Stern P.A.
Posted on 30 May 2010. Tags: adorno & yoss, agent, bank owned, broker, butler & hosch pa, coerced, coercing, coercion, dinsfla, escrow company, fannie mae, FDLG, FHA, Florida Default Law Group in Tampa, foreclosure fraud, law offices of david J. stern plantation florida 33324, law offices of marshall c. watson, new house title llc, realtor, REO, shapiro & fishman pa, smith hiatt & diaz pa, spear & hoffman, title company, watson title
MASTER_OFFER_PACKET_03-10-2010[1][1]
In the Master Packet above go to Page 7
Below is from an ad in Trulia
fannie mae owned.bank property. property is vacant.all offers requiring financing must have preapproval letter.all cash offer require proof of fund(see attachement).this property is eligible for home path renovation mortgage-as little as 3% down.buyer must close with seller closing agent(david j. stern law offices,p.a).investors not eligible for first 15days.*for showing instr please read broker remarks* note:offers must be submitted using attachment.close by 30 june and receive extra 3.5% in closing cost
Looking further into this I noticed the following:
- Still in the name of the owner
- NOT named under any REO
- Home last sold for 245K
- Now listed at 120K
Here is the BIGGEST:
I found a Bank-owned packet for this “SPECIALLY SELECTED” Agent/BROKER in many other REO’s and in this package it states the following: (SEE ABOVE LINK PACKET)
9) Which title companies are the sellers and who do I make out the earnest money deposit to once offer is verbally accepted?
a. PLEASE LOOK ON MLX REMARKS FOR TITLE COMPANY. MLX WILL HAVE ONE OF THE FOLLOWING:
i. David Stern, P.A.
ii. Marshall C. Watson, P.A.
iii. Smith, Hiatt, & Diaz, P.A.
iv. Butler & Hosch, P.A.
v. Shapiro & Fishman, P.A.
vi. Spear & Hoffman, P.A.
vii. Adorno & Yoss, P.A.
viii. Watson Title
ix. New House Title (This is registered with FDLG address 9119 CORPORATE LAKE DRIVE, SUITE 300 TAMPA FL 33634)
10) Can the buyer use their own title company or must they use the title company selected by seller?
a. The buyer MUST HOLD ESCROW with Fannie Mae Title Company as stated on MLX.
NOW are we unleashing another dimension to this never ending SAGA?
HERE IS same Agent/Broker for a FLORIDA DEFAULT LAW GROUP property:
THIS IS FANNIE MAE HOMEPATH PROPERTY.BANK OWNED.ALL OFFERS REQUIRING FINANCING MUST HAVE PREAPPROVAL LETTER. ALL CASH OFFERS REQUIRE PROOF OF FUNDS. THIS PROPERTY IS APPROVED FOR HOMEPATH AND HOMEPATH RENOVATION MORTGAGE FINANCING-AS LITTLE AS 3% DOWN,NO APPRAISAL OR MORTGAGE INSURANCE REQUIRED! ** FOR SHOWING INST PLEASE READ BROKER REMARKS** YOU MUST SUBMIT OFFER USING ATTACHMENT! INVESTORS NOT ELIGIBLE FOR FIRST 15DAYS.CLOSE BY JUNE 30 TO BE ELIGIBLE FOR EXTRA 3.5% SC. EMD: FL DEFAULT LAW GROUP.
Here is another same Agent/Broker for MARSHALL C. WATSON property:
FANNIE MAE OWNED.BANK PROPERTY. PROPERTY IS VACANT.ALL OFFERS REQUIRING FINANCING MUST HAVE PREAPPROVAL LETTER.ALL CASH OFFERS REQUIRE PROOF OF FUNDS(SEE ATTACHEMENT).THIS PROPERTY IS ELIGIBLE FOR HOME PATH RENOVATION MORTGAGE-AS LITTLE AS 3% DOWN.BUYER MUST CLOSE WITH SELLER CLOSING AGENT (LAW OFFICES OF MARSHALL C. WATSON).INVESTOR NOT ELIGIBLE FOR FIRST 15DAYS.*FOR SHOWING INSTR PLEASE READ BROKER REMARK* NOTE:OFFERS MUST BE SUBMITTED USING ATTACHMENT.CLOSE BY JUNE 30 TO GET 3.5% EXTRA IN CLOSING COST
Does the JUNE 30th Closing Day have any significance??
- What “if” the BUYER selects their own Title company? Does this eliminate their chances of ever even being considered as a buyer?
- Why even bother to state this?
- Is this a way for the selected Agent/ Broker to find the buyer and discourage other agents or buyers from viewing?
- Was this at all even necessary to state?
- Is this verbiage to coerce agents to get a higher commission rather than pass down the incentive of 3.5% towards closing cost “if” under contract by 6/30?
- Why do investors have to refrain from buying for the first 15 days?
Coercion (pronounced /ko???r??n/) is the practice of forcing another party to behave in an involuntary manner (whether through action or inaction) by use of threats, intimidation, trickery, or some other form of pressure or force. Such actions are used as leverage, to force the victim to act in the desired way. Coercion may involve the actual infliction of physical pain/injury or psychological harm in order to enhance the credibility of a threat. The threat of further harm may lead to the cooperation or obedience of the person being coerced. Torture is one of the most extreme examples of coercion i.e. severe pain is inflicted until the victim provides the desired information.
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© 2010-12 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.
www.StopForeclosureFraud.com
Posted in butler & hosch pa, conspiracy, djsp enterprises, fannie mae, FDLG, florida default law group, foreclosure, foreclosure fraud, foreclosure mills, hiatt & diaz PA, insider, investigation, Law Offices Of David J. Stern P.A., law offices of Marshall C. Watson pa, marshall watson, MERS, MORTGAGE ELECTRONIC REGISTRATION SYSTEMS INC., Mortgage Foreclosure Fraud, new house title llc, Real Estate, REO, securitization, shapiro & fishman pa, short sale, spear & hoffman
