David Stern, the Foreclosure King, Surrenders His Crown
But there's one thing his fall isn't, much as I wish it were, and that's the end of an era.
If we're to restore the rule of law in foreclosure cases, it's going to take a lot more than the fall of Stern's firm, which is just one of several "foreclosure mills" in Florida. Others are under investigation. Maybe some of them will fall too. Maybe not.
But the issue runs nationally, not just in Florida. Lender Processing Services (LPS) alone has hundreds of "network firms" following its due-process-abusing practices. A firm in Pennsylvania may have jeopardized thousands of foreclosures there by having nonlawyers do the cases. And the situation in nonjudicial states, where even foreclosure mills aren't necessary to take back homes, is worse.
If anyone hearing of the Stern firm's demise mistakes it for news that change has really come to the foreclosure world, that will be saddest news of all.