David Stern (FL) law firm ceasing foreclosure operations at end of month

[Roland99]

http://www.orlandosentinel.com/news/local/fl-foreclosure-david-stern-law-firm-c20110307,0,6859450.story

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The law firm's apparent demise would bring to an end one of the most meteoric trajectories in South Florida legal history. Stern's practice swiftly became the leading Florida processor of paperwork generated by the state's mortgage crisis, generating tens of millions of dollars for its owner in the process.

DJSP will continue to operate, according to a company spokesman, and Stern's firm is struggling to withdraw from 100,000 foreclosure cases across the state.

The Stern firm and DJSP once had more than 1,200 employees at their offices on South Pine Island Road, before the Florida Attorney General's Office announced in August that it was investigating the way the two businesses handled foreclosure paperwork. Stern's law firm handled tens of thousands of foreclosure cases around the state — about 20 percent of all repossessions in Florida.

The law firm's major customers, including mortgage giants Fannie Mae and Freddie Mac, began pulling their cases in the fall. Then DJSP began shedding employees by the hundreds, until there were roughly only 50 left last month.

Sayonara.