Small Foreclosure Firm’s Big Bucks: Back Office Grossed $260M in 2009: ABAJOURNAL

Categorized | Law Offices Of David J. Stern P.A.

Small Foreclosure Firm’s Big Bucks: Back Office Grossed $260M in 2009: ABAJOURNAL

Posted on20 April 2010. Tags: 10b-5, 15 U.S.C. §77q(a), 15 U.S.C. §78j(b) and Exchange Act Rule 10b-5, 17 C.F.R. §240.10b-5, 360, ABACUS 2007-AC1, ACA, ACA Management LLC ("ACA"), anderson cooper, assignment, bank fraud, cdo, Cheryl Samons, clouded title, cnn, concealment, conspiracy, corruption, criminal, david J. stern, dinsfla, dinsfls, discovery, DOCX, Ernest E. Harpster, Exchange Act Rule 10b-5, Fabrice Tourre, fidelity, fight the banks, FIS, flip book, foreclosure, foreclosure defense, foreclosure fraud, foreclosure mills, forensic mortgage investigation audit | Tagged: angela j. taylor, forgery, Former Fidelity National Information Services, fraud, fraud digest, Freddie Mac, goldman sachs, HERS, hsbc bank, investment banks, lender processing services, Lender Processing Services Inc., linda green, LPS, Lynn Szymoniak ESQ, lynn tepper, marketing material, material misstatements and omissions, matt taibbi, matt weidner, max gardener III, MERS, mortgage electronic registration system, Mortgage Foreclosure Fraud, Mortgage Fraud, moss codalis, newtrak, niles and angela taylor, niles c. taylor, O. Max Gardner, offering memorandum, Paulson & Co. Inc. ("Paulson"), pennsylvania bankruptcy court, portfolio, produce the note, recordings, resecuritized CDO market, residential mortgage-backed securities ("RMBS"), rmbs, rolling stone, sec, Section 10(b) of the Securities Exchange Act of 1934, Section 17(a) of the Securities Act of 1933, Stop foreclosure, subprime, term sheet, the udren firm, theft, Tourre, trustee, Tywanna Thomas, us bank, wrongful foreclosure

Posted Apr 20, 2010 11:59 AM CDT
By Martha Neil

The Law Offices of David J. Stern has only about 15 attorneys, according to legal directories.

However, it’s the biggest filer of mortgage foreclosure suits in Florida, reports the Tampa Tribune. Aided by a back office that dwarfs the law firm, with a staff of nearly 1,000, the Miami area firm files some 5,800 foreclosure actions monthly.

The back-office operation, DJSP Enterprises, is publicly traded and hence must file financial reports with the Securities and Exchange Commission. It netted almost $45 million in 2009 on a little over $260 million in gross revenue that year. The mortgage meltdown of recent years apparently has been good to the company: In 2006, it earned a profit of $8.6 million on $40.4 million in revenue.

Stern, who is the company’s chairman and chief executive officer, could not be reached for comment, the newspaper says.

His law firm has been in the news lately, after one Florida judge dismissed a foreclosure case due to what he described as a “fraudulently backdated” mortgage document, and another said, in a hearing earlier this month concerning another of the Stern firm’s foreclosure cases, “I don’t have any confidence that any of the documents the court’s receiving on these mass foreclosures are valid.”

Earlier coverage:

ABAJournal.com: “Judge Dismisses Mortgage Foreclosure Over ‘Fraudulently Backdated’ Doc”

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Banks and their RIDICULOUS Foreclosure tabs…Mills, REO’s etc. « DinSFLA Stop Foreclosure Fraud Blog says:

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Categorized | Law Offices Of David J. Stern P.A.