Lender Processing Services | LPS Estimates its Total Potential Legal Costs from the Foreclosure Fraud Investigations Would be $78.5 Million

LPS still waiting for housing rebound

From the jaxdailyrecord…

Business remains down early in 2012. LPS reported first-quarter revenue fell 6 percent to $506 million, and adjusted earnings fell from 81 cents a share in the first quarter of 2011 to 59 cents this year.

LPS attributed the revenue drop mainly to a decline in its default services business, which provides technology for lenders in foreclosure proceedings.

The foreclosure process has slowed nationwide as government regulators look into the practices of mortgage lenders.

LPS has been under investigation by federal and state authorities for more than two years for its role in the default process, after an LPS subsidiary was accused of falsifying documents used in foreclosure proceedings.

At the end of 2011, LPS estimated that its total potential legal costs from those investigations would be $78.5 million.

Ouch, that’s gotta sting…

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4closureFraud.org

Comments
4 Responses to “Lender Processing Services | LPS Estimates its Total Potential Legal Costs from the Foreclosure Fraud Investigations Would be $78.5 Million”
  1. Beth A. says:

    I have taught my children that what you put out into the Universe generally comes back to you 10x over.
    Karma is a bi-otch, eh LPS?

    Burn in it, Satan’s minions. You’ve ruined so many lives.

  2. I think that I may just PUKE!! Just paper to the idiots! try the families living on top of each other, lives ruined!! no dollar amount if going to fix it for them!!

  3. Fed Up In Mass. says:

    GOOD!!!!!!!

  4. Pamela Edwards says:

    They are only getting what they so richly deserve.To bad it didn’t happen sooner.

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