Fannie, Freddie Yank Foreclosures From Firm Investigated by Money Talks

We were one of the first news organizations in the country to disclose the ongoing foreclosure fiasco. The firm at the heart of our story is now losing a ton of business.

The Wall Street Journal reported yesterday that Fannie Mae and Freddie Mac, the nation’s largest mortgage holders, have stopped doing business with the firm we recently investigated, the law offices of David Stern.

From the Journal article:

Fannie and Freddie dispatched employees on Monday afternoon to begin removing loan files from the law offices of David J. Stern in Plantation, Fla. Those files are needed to process foreclosures, which must be done through courts in Florida.

Fannie and Freddie said they would begin redistributing the files to other local attorneys in a bid to resume evictions. Last month, the companies suspended all foreclosures that had been referred to the Stern law firm and had directed mortgage servicers, which handle day-to-day loan management, to stop sending new foreclosure and bankruptcy cases to the firm.

Read the Journal’s article, Fannie, Freddie Cut Ties to Law Firm, by clicking here.

And check out our series of enterprise reports on the foreclosure fiasco: not only were we one of the first in the nation to break this story, we’re the only news organizations that has video of David Stern’s palatial estate.

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