The Task Force has scheduled a meeting for Wednesday morning, 10/20/2010, at the Department of Housing and Urban Development. Upon conclusion a briefing is likely at the White House, officials said. "The administration's Federal Housing Administration and Financial Fraud Enforcement Task Force have undertaken their own regulatory and enforcement.
10/19/2010 BLOOMBERG NEWS...
Florida has the third-highest residential foreclosure rate in the U.S., and Stern, 50, has made a fortune off the bust. His foreclosure-processing business has generated hundreds of millions of dollars in revenue preparing documents for the cases that his law firm brings on behalf of lenders seeking to reclaim homes from borrowers who can’t pay their mortgages.
Foreclosure Attorney David J. Stern Leads the Life of a Oil Rich Sheik While Destroying The Lives of Thousands of Florida Homeowners, ‘Su Casa es Mi Casa, Your House is My House’ Exclusive See His Photos.
Chardan paid $64.8 million in cash for this business. Since Chardan did not have enough money to pay the full purchase price, the deal included the issuance to Mr. Stern by DJSP of a promissory note for $52.469 million, a right to receive a later cash payment of $25 million and stock in DJSP. This was in addition to a $58.7 million cash payment to Mr. Stern. It was a nice cash-out for Mr. Stern, who was also left with a 33.15 percent interest and became chief executive of the now public company.
A SPAC pursing hot money in China went after even hotter money, Florida foreclosures. Investing in this business was clearly a “riding the wave” event. Looking through the documents filed with the Securities and Exchange Commission, there does not appear to have been proposed any viable exit plan for this business once that wave subsided.
Bill Warner Private Investigator, SEX, CRIME, CHEATERS & TERRORISM.