FL's biggest, fastest foreclosure mill (David Stern) is Chinese-owned

[Waiting For Everyman]

Just when I think this CAN'T get more bizarre than it already is. Why is this not a front-page story?

A law firm at the center of the controversy in Florida, the Law Offices of David J. Stern, sold its foreclosure-servicing business to a special purpose acquisition company, or SPAC, the Chardan 2008 China Acquisition Corporation, less than a year ago. The newly formed company is called DJSP Enterprises.

http://dealbook.blogs.nytimes.com/2010/10/15/foreclosure-crisis-trips-up-a-spac/

The links in the story go to SEC filings which are VERY interesting btw.


Soooo... this haste to foreclose which is deemed by those at the top to be so damn important... actually is for the benefit of - Chinese investors! Oh yes, let's not deprive them of any small amount of their expected profits, that would be tragic. :sarcasm: And who cares about preserving our legal system of property rights anyway, who needs it - chuck it over the side and let's get on with commerce.

So your job gets outsourced, let's say, and then this profit machine eats your home too. I can remember a time when all of this foreclosure mess would've been considered a National Security issue - especially this part.

Oh and these profit machines (banks and their foreclosure mills, etc.) are buying up the rights to collect local taxes too - which means they can set how high penalties are, etc. (high enough to be much more difficult to pay, of course, and then they... foreclose. How streamlined and efficient that is!).

http://www.huffingtonpost.com/2010/10/18/the-new-tax-man-big-banks_n_766169.html


Oh and btw, this isn't just in FL anymore. Stern's is buying foreclosure mills in others states too - it's up to 38 states as of a short while ago, maybe more by now.

And I'm really interested in how cozy the relationship may be between these Chinese investors and the big banks' top execs. It sure would be nice if some journalist would investigate that for us. (Or maybe a lawyer will have do it - again, as it was with the robosigning.)

[HopeHoops]

1. Well I am JUST shocked.

:rofl: - no, not really.

[Turbineguy]

2. How many Americans are employed

in the business of sticking it to other Americans?

[HereSince1628]

3. Tell me again what the Germans were stealing from us in WWI?

Or what the Japanese were trying to steal when they were annihilated on Attu Island in WWII?

It surely wasn't HOMES in FLORIDA!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Oh, I am sorry, this isn't international war. It isn't even Class war. It's simply a firm acting as the invisible hand that guides market economics. That company, regardless of its ownership is just doing the mastication required by the predatory lending practices..

[Waiting For Everyman]

5. Yup, you're right, and as we see - outsourcing was just business too.

Nothing to see, move along.

We repealed Glass-Steagal for this, now we're giving away property law. Next we can yard-sale the Constitution.

But no, that's not a security issue, you're so right. :sarcasm:



And don't be too sure this whole economic disaster, i.e. sabotage (this is just the current chapter of it) won't come to a very ugly foreign affairs issue yet.

[blm]

4. Doesn't surprise anyone who noticed the Bush family's dealings with Chinese financiers and

industrialists the last 4 decades. WalMart's deal with the Chinese which began the planned destruction of American manufacturing was set up by Bushes and Jackson Stephens in the 70s....brother Prescott stayed in China in the 80s and 90s overseeing it all under the umbrella of the US-China Chamber of Commerce...fucking Bush traitors. And teabaggers want to return these NWO fascists to DC to speed up the fascist takeover of ALL our governing bodies - they already have the Supreme Court, now they want WH and Congress back on track for NWO.

[Waiting For Everyman]

6. They go back longer - to the Opium Wars and the East India Company.

A couple of hundred years on the same objectives, same free trade... it's a very tired axe they're grinding (and obviously they always will).

This is why they'd like to destroy public education - so people won't know that the past is repeating. That way, every new generation is food for the predators using the same scams.

A good book on the whole picture... Treason In America: from Aaron Burr to Averell Harriman by Anton Chaitkin.

[blm]

11. yeah...but, I wasn't around then. ; ) I only started noticing what Bushes were up to since BCCI

matters began to shine a brighter light on them and their global terror-supporting cronies.

[tridim]

7. I predicted this headline last week.

Anyone remember that? :)

Edit: Here's my prediction from last wednesday..

I'm guessing we'll find out about the outsourced robo-signing in the next few days.
http://upload.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=9311434&mesg_id=9311470

[felix_numinous]

8. Another place foreign money doesn't belong.

Interesting that teabaggers' anger against foreigners is channeled toward immigrants, while their corporate backers are selling off our resources and allowing this land grab.

[pampango]

12. Teabagger (but not their politicians) anger is not just at immigrants, but at trade, too.

http://thinkprogress.org/2010/09/30/tea-partiers-trade-bad

"NBC News and the Wall Street Journal released a new poll surveying Americans’ views on trade. The poll found that 69 percent of Americans thought that free trade agreements the United States has taken part in have cost the country jobs, and 53 percent of Americans think these agreements hurt the country as a whole.

Interestingly, the poll also found that opposition to free trade agreements is particularly strong among Americans who define themselves as supporters of the Tea Party movement. 61 percent of self-described tea party supporters said they thought free trade has harmed the United States, just four percent less than union members."

"While 65 percent of union members say free trade has hurt the U.S., so do 61 percent of Tea Party sympathizers."

"What’s ironic about most tea partiers opposing free trade is that numerous high-profile tea party-endorsed candidates are ardent backers of the policy. From sitting U.S. senators to relatively unknown individuals who have become serious candidates for higher office, politicians who have co-opted the tea party movement do not share its view on free trade."

[Waiting For Everyman]

9. Kick

[Matariki]

10. Maybe Christine O'Donnell was right about a secret Chinese plot to take over America

and they're going to do it with Capitalism, ironically.

[McCamy Taylor]

13. If China thinks American real estate is a good investment, it probably is.

[Vincardog]

15. It is a good investment as long as they do not have to pay for it

[glinda]

16. Maybe this is payback for our debt to them. Country or land ownership.

[Scurrilous]

14. K & R

:thumbsup:

[AC_Mem]

17. I have a friend in real estate in Florida

who deals primarily in foreclosed and short-sales. He told me that he does ALOT of business with people in Russia. That they are swooping in and buying up the foreclosed homes like crazy.

He told me this about 8 months ago. Interesting....

[sulphurdunn]

18. Global business

has no national loyalties. I'm sure that China is no different from the rest of the global capitalist running dog pack in that no meaningful distinction exists between government and business anymore.

[Jackpine Radical]

19. But the Chinese are very prosocial and good for us. I bet

they're pouring millions into deserving American organizations like the Chamber of Commerce for distribution in worthy causes such as the election of Republicans.