It has been well known for some time that many of the foreclosure mill law firms are not truly law firms. Rather, they are just paperwork processors for the massive banks masquerading as lawyers. One aspect of this, while well known but unpunished, is the fact that these firms flaunt the rules prohibiting law firms from splitting legal fees with non-lawyers or having non-lawyer shareholders. Why the state ethics boards that govern lawyers are not cracking down is beyond me. One thing that might crack down on them is the marketplace. In today’s New York Times, it is reported that a scheme to spin off the “backoffice” operations of one of the most notorious of these law firms, that of David J. Stern in Florida is a disaster for investors. It does not help these investors that Mr. Stern’s “law firm” has essentially been fired by all of its major clients since the robosigning scandal first came out.
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Author: timothymccandless
I have spent most of my professional life helping people who were being taken advantage of by systems they did not fully understand.
As an attorney, I represented consumers against predatory lending practices and worked in elder law protecting seniors from fraud. My family lost $239,145 to identity theft, which became the foundation for my seniorgard.onlime and deepened my commitment to financial education.
Since 2008, I have maintained a blog at timothymccandless.wordpress.com providing free financial education. Not behind a paywall. Free, because financial literacy should not cost money.
I trade with real money using the exact strategy described in this book. My current positions: Pfizer at $16,480 deployed generating $77,900 per year net. Verizon at $29,260 deployed generating $51,000 per year net. Combined: 293% annualized pace. These are my only active positions. Not cherry-picked.
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