Today a judge in Florida who is tasked with enforcing the thousands and thousands of foreclosures in his state.
And Florida is certainly a problem. According to RealtyTrac, last month the state had more than 273,000 foreclosures. In fact, 1 in 34 housing units in the state is either already foreclosed or in the process --that's the third highest rate in the country.
But as with every tragic story, someone seems to prosper. There's one man that has profited to extreme degrees from the foreclosure fiasco: attorney David J. Stern.
We've mentioned him on this program , he's the lawyer who ran one of the most successful foreclosure mills that is being investigated by the Florida Attorney General Bill McCollum due to bribery on the part of stern to his employees.
Stern's own attorney claims his boss gets a flat fee of $1,400 a foreclosure - and mind you his firm handles thousands... a month!!
According to reports, Stern has an island home near Fort Lauderdale worth $15 million which includes a tennis court, A condo in the city - worth $six million because of course it has to have ocean views and another $6 million home nearby in Hillsboro Beach!
He won't have to worry about getting between homes. He has four Porsches, three Ferraris, a Cadillac, a Rolls-Royce, and a Bugatti; that’s 10 cars!
And I didn't even mention his yacht yet!
This is why: The number of foreclosures that have passed through his firm more than quadrupled since 2006. And revenue for his firm - nearing the $200 million mark. In 2006, it was a measly $40 million or so!
His firm has been described as, "more similar to a factory than a law firm."
This man has made a killing off of others’ misfortunes, at least he should have gotten the paperwork right before buying the yacht, don't you think?