Riding the Foreclosure Gravy Train
I read an article this morning about an attorney in Florida who has become uber-wealthy because he runs a foreclosure processing business. He owns multiple mansions, exotic cars and a yacht. I tried to get angry about it but I really couldn’t.
This attorney’s business is in Florida which ranks #3 on the foreclosure avalanche scale. His firm charges customers a $1400 flat fee per foreclosure. His customers are banks. That is not a high fee which is why his firm has so much business. He is earning extraordinary profits because of high volume and efficient operations.
No doubt his firm pushed the envelope on being diligent with paperwork. On the other hand, there are no particular allegations that I could find that his business wrongfully foreclosed on innocent homeowners.
Although being a foreclosure machine would not appeal to me, you have to admire someone who builds a successful business on doing one thing and doing it well. But that doesn’t matter to a lot of people. The business owner is a lawyer, he is rich, and his business is legally forcing homeowners in default out of their homes. That makes him a villain.
Heck, to a lot of people, just being a lawyer makes you a villain.
What is your take? (Link below)