US mortgage finance giants terminate relationship with Florida law firm
US government-owned mortgage finance companies Fannie Mae and Freddie Mac have terminated their relationships with a top Florida foreclosure attorney on Tuesday. The law offices of David J Stern are at center of allegations by the Florida attorney general's office of improper foreclosure practices and is one of four firms under state investigation. Former employees of the firm allege that the firm forged notarised documents and that employees signed files without reviewing them in an effort to speed through foreclosure filings. Fannie Mae and Freddie Mac pay attorneys on the basis of the volume of cases they complete. Fannie Mae and Freddie Mac began taking back loan files from Stern Law on Monday, and plan to redistribute the files to other local attorneys so that evictions can resume.
US mortgage finance giants terminate relationship with Florida law firm
online.wsj.com
Wed, Nov 3, 2010