Layoffs | FORECLOSURE FRAUD | by DinSFLA

Tag Archive | "layoffs"

Marshall Watson law office cutting staff, focusing on compliance

Marshall Watson law office cutting staff, focusing on compliance


Now for those who are still working in these firms, keep in mind this won’t last much longer.

HW-

The Law Offices of Marshall C. Watson, a Florida-based foreclosure law firm that paid $2 million to settle an attorney general investigation into the firm’s operational processes earlier this year, is laying off staff members and hiring new employees for its compliance division.

“To streamline our processes and minimize inefficiencies, the firm has had to eliminate temporary and overlapping positions,” according to a spokesperson for the firm. “We are, however, adding positions to our compliance department as part of our continuing commitment to providing quality service to our clients.”

[HOUSING WIRE]

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BREAKING: Bank of America expects to cut 30,000 jobs in “next few years.”

BREAKING: Bank of America expects to cut 30,000 jobs in “next few years.”


CNN-

Bank of America said Monday that it plans to eliminate 30,000 jobs as part of a plan to save $5 billion.

The announcement came after Chief Executive Brian Moynihan outlined the bank’s strategy at an investor conference in New York.

BofA has already disclosed plans to eliminate a total of 6,000 jobs this year. And it recently announced a management shakeup that effectively will split the bank into two units: one serving consumers and one serving commercial clients.

The bank said it expects a “significant portion” of the reduction in headcount to occur through attrition and the elimination of unfilled positions. BofA had a total of 287,000 employees as of June 30.

[CNN]

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Bank of America officials have discussed eliminating roughly 40,000 positions -WSJ

Bank of America officials have discussed eliminating roughly 40,000 positions -WSJ


Bank of America Corp. officials have discussed eliminating roughly 40,000 positions during the first wave of a restructuring that Chief Executive Brian Moynihan is expected to discuss Monday, said people familiar with the plans.

WSJ-

The numbers aren’t final and could change. The restructuring would reduce the bank’s work force over a period of years. In fact, Mr. Moynihan may not discuss a job-cut number during next week’s presentation at the Barclays Capital 2011 Global Financial Services Conference in New York.

He could choose instead to outline the bank’s expected savings, after telling investors last month that he aims to reduce …

[THE WALL STREET JOURNAL]

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DJSP Enterprises Lets Go of 90 employees, Sells Luxury Assets

DJSP Enterprises Lets Go of 90 employees, Sells Luxury Assets


According to a SEC filing form 8K on February 15, 2011, the Company’s subsidiary, DJS Processing, LLC, informed affected employees of an immediate reduction in its total work force by 90 employees.

A few days after on February 18, 2011, the Florida SunSentinel broke news that David J. Stern is unloading his Hillsboro Beach Estate up for sale along with perhaps his mega yacht called  ‘MisUnderstood”.

from the Sentinel:

What is reported to be Stern’s 130-foot yacht, Misunderstood, is listed for sale for $18 million at The Yacht & Brokerage Show on Miami Beach. The side-by-side properties on Hillsboro Beach are listed for a total of nearly $20 million. And a vacation chalet outside the ski-resort town of Vail, Colo., has been for sale for $6.9 million since last year.

Photobucket

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Foreclosure law firm lays off nearly half of its staff, after losing Fannie Mae

Foreclosure law firm lays off nearly half of its staff, after losing Fannie Mae


Now this is not cool. Last time there was a lot of hate going around from employees of the first  Mill that Fannie let go. These employees should not be at all surprised as they saw this coming. Not only are these employers jeopardizing their business but the jobs of their staff.

A Hollywood law firm that processes thousands of foreclosures for major lenders laid off almost half of its 568 employees Monday, days after the government-owned mortgage giant Fannie Mae pulled its files from the practice.

Ben-Ezra & Katz, in a memo released by a company spokesman, said the firm was “forced to take this action after Fannie Mae surprisingly terminated its relationship with the firm.” In a notice sent five days ago, Fannie Mae officials said all exisiting foreclosures, mediations and bankruptcies needed to be transferred to other loan servicers by Tuesday, citing “document execution” issues.

Ben-Ezra officials issued a statement last week, saying the question was whether correct original documents were attached to each foreclosure filing. The law firm said it already had notified Fannie of the “technical paperwork issues” and had created a plan to mediate them, but the mortgage backer suddenly decided to cut ties.

It’s unknown how many foreclosures are involved. Statewide, Ben-Ezra & Katz has handled at least 18,000 cases, according to Legalprise, a West Palm Beach data analysis firm.

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Law Offices of David J. Stern P.A. lays off another 155

Law Offices of David J. Stern P.A. lays off another 155


Excerpt from Daily Business Review:

Another 155 employees received pink slips Thursday from the Law Offices of David J. Stern and DJSP Enterprises, which processes home foreclosure cases for the Plantation-based law firm.

The layoffs came as Fannie Mae, which withdrew it business from the Stern firm after becoming one of its biggest clients, announced it had named eight law firms to handle foreclosure cases in Florida.

Here is the POA between FANNIE MAE and DJS 11.7.2008.

[ipaper docId=43372637 access_key=key-e4k2osxxhkg8hct1oz9 height=600 width=600 /]

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Law Office Of David J. Stern Confirms Layoffs

Law Office Of David J. Stern Confirms Layoffs


In all seriousness this is never good news for anyone. These are workers who may have families to feed and may not be able to find jobs easily like Tammie Lou Kapusta said in her deposition, “I’ve actually had such a difficult time getting a job because I worked at David Stern’s office“.

Mr. Stern once told investors, “We take it from Cradle to Grave“.

According to South Florida Business Journal:

Jeffrey Tew, Stern’s attorney, confirmed that there were layoffs, and that it was because several key lenders had frozen prosecution of foreclosure cases. Tew, a partner at Tew Cardenas LLP in Miami, said it was only normal that some cutbacks had to occur as work slowed. He said most of the layoffs were temporary positions.

Related:

Mind-blowing Highlights from David J. Stern “DJSP Enterprise” Conference With Audio

.

EXPLOSIVE DEPOSTION!!!! BUSTED!! DAVID J. STERN “MILL” KNEW THIS ALL ALONG…THIS FORECLOSURE FRAUD!!!

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Posted in djsp enterprises, foreclosure, foreclosure fraud, foreclosure mills, foreclosures, investigation, Law Offices Of David J. Stern P.A., STOP FORECLOSURE FRAUDComments (2)

Clogged foreclosure pipeline may lead to DJSP layoffs

Clogged foreclosure pipeline may lead to DJSP layoffs


DinSFLA here: Side note…DJSP recently signed what may be the largest lease in Orlando this year. They plan to open a 12,870-square-foot in Highwoods Properties’ Landmark Center Two, near Lake Eola.

by Austin Kilgore September 9, 2010

The clogged foreclosure pipeline is delaying new foreclosure filings, and Florida-based processing services firm DJSP Enterprises said it’s considering layoffs to deal with the decreased business.

DJSP Enterprises’ main client is The Law Offices of David J. Stern, P.A. (DJSPA). In the DJSP Enterprises second quarter 2010 and mid-year earnings report released this week, the company said a slow down in new foreclosure filings will likely necessitate cost cutting and personnel layoffs. The company said it initially believed file volume would increase in the third quarter, leading to the decision to maintain current staffing levels. However, file volumes continue to be delayed and existing staffing levels are not sustainable indefinitely, the report said.

“While a large portion of our business can only be processed with human capital, we are identifying opportunities where technology and process change can be implemented to create efficiency,” recently-appointed DJSPA President and COO Richard “Rick” Powers said in the financial statement. “We are prepared to create efficiencies and make cuts where appropriate over the next three to six months.”

Continue reading ….REO Insider

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Posted in Bank Owned, djsp enterprises, foreclosure, foreclosure mills, foreclosures, jobless, Law Offices Of David J. Stern P.A., mortgage, REO, stock, title company, Wall StreetComments (3)


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