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Multiple Jurisdiction Offshore Bank Accounts

Florida Foreclosure Firm Lays Off 70%

Executive Summary – Fannie Mae and Freddie Mac came to this law firm and removed their case files and severed ties with this firm. Doom and gloom. The law firm is going to take the fall. The firm in question goes by the name of law offices of David J. Stern. They have laid off a total of more than 700 employees. Looks like the foreclosure business is dropping like a rock. There are allegations of fraud aimed at this law firm. Sworn statements from former Stern employees taken as part of the state investigation describe an office where forgery and the creation of fraudulent affidavits were prevalent. Shouting matches between Stern and a top employee over speed were often heard. One employee also said that flawed cases would be concealed from Freddie Mac and Fannie Mae auditors. Whoops, doom and gloom.

The Law Firm – This firm had a 2009 profit of $44,600,000 on gross revenue of $260,300,000. By second quarter 2010 the net was down to $3,800,000 on a gross of $56.100,000. The company has stock traded as DJSP Enterprises on NASDAQ. It closed at $0.77 down from a high of $13.65.

Summary – Looks like these guys reaped what they sowed. I think it is very likely to see them cease all activities completely at some point in the near future.

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*Offshore Legal Associates Law Firm.We have no legal ties or associations with any other law firm or corporation with similar or like sounding names anywhere and should not be so confused with any other entity having a similar or like sounding name.