The latest round of 96 layoffs at foreclosure attorney David J. Stern's subsidiary document processing company, DJSP, shows that this once-booming business is teetering more delicately than ever. The ongoing pressure of a Florida attorney general investigation of allegedly fraudulent foreclosure practices and the loss of its biggest clients, including Fannie Mae and Freddie Mac, have forced the law offices of David J. Stern and DJSP to recoil, shedding a total of nearly 1,000 employees.
But, of course, that's not the end of the story. The latest headlines indicate that the financial squash may be hitting Stern closer to home.
A 130-foot yacht, reported to be Stern's, is for sale at the Yacht & Brokerage Show on Miami Beach, according to the Sun-Sentinel. The opulent vessel bears a name that is perhaps fitting, perhaps not: Misunderstood. It is listed at $18 million.
The Sentinel also reported that Stern's side-by-side Hillsboro Beach properties are for sale -- the double property can be yours for nearly $20 million. Additionally, a Vail ski chalet has been on the market for $6.9 million since last year.
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With these assets on sale at this buyer's-market time, it appears business for Stern has unofficially gone bust. With an ongoing state investigation and a simmering lawsuit against Stern and DJSP by former employees, DJSP's falling stock prices are not all that surprising.
Here is a visual of annual growth at Stern's law firm based on LinkedIn results and published by the site.
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