Inside Foreclosure King David Stern's Downfall | Mother Jones

Inside Foreclosure King David Stern's Downfall | Mother Jones:

"After years of high-flying success and millions of dollars in profits, the future suddenly looks grim for the Law Offices of David J. Stern. The firm, which was the subject of a long MoJo investigation published in August, used to be one of the nation's most powerful 'foreclosure mills,'�those assembly line-like operations that handle hundreds of thousands of foreclosure cases for the nation's largest mortgage companies. (In 2009 alone, the Stern firm handled 70,382 foreclosure cases.) But in the past few months, the corner-cutting and alleged fraud in the foreclosure business, as described in my August story, erupted into a national scandal.�As a result, the Stern firm has seen its fortunes plummet, with major clients, like Fannie Mae, Freddie Mac, and Citigroup, cutting ties to Stern.�Stern's operation has�also�laid off hundreds of employees in recent weeks."