Foreclosure King David Stern Shutting His Doors

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The foreclosure law firm we investigated last year - one of the largest in the United States - will soon be going out of business.

In October of 2010, we finished the last story in a special series on foreclosure fraud. The story called Foreclosure Mess: More Shoes to Drop? was about one of the largest foreclosure firms in the country and its founder, lawyer David Stern. We shot part of it from a boat floating near Stern’s 15-million-dollar Fort Lauderdale mansion: one of several he has in the area. Neither Stern nor his lawyer would talk to us, but plenty of lawyers with cases against him were happy to.

In our story and in others like it, Stern’s firm was accused of circumventing the legal process by fabricating and robo-signing documents related to foreclosures. And there were a lot of documents: At its height, this firm employed 1,200 people, processed thousands of foreclosures monthly, and brought in hundreds of millions of dollars annually.

Today the AP released a story saying that Stern’s law firm will be officially closing its doors by March 31. Stern also had a stock that traded on the NASDAQ called DJSP Enterprises. One year ago, the stock was trading at $13.65/share. It closed yesterday at $0.14.

Stern’s troubles aren’t over yet: Investigations are ongoing. We’ll keep you updated, but in the meantime, here are some of the stories we did covering the foreclosure crisis in both print and video:

The Mother of All Foreclosure Mistakes
Fannie, Freddie Yank Foreclosures From Firm Investigated by Money Talks
Foreclosure Mess: More Shoes to Drop?
Tired Robo-Signers Let Other People Sign Their Names
The Foreclosure Freeze – What It Means and Why It Matters

Stacy Johnson

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