Fraudclosure | Lender Processing Services (LPS) Costs Climb into the Hundreds of Millions in Foreclosure Investigations

 

LPS’ costs climb in foreclosure investigations

Lender Processing Services Inc. announced an agreement Thursday with the Missouri Attorney General to pay $2 million to settle charges related to its role in the nationwide foreclosure mess. But payment was only the tip of the iceberg.

LPS also announced Thursday that it set aside an additional $144.5 million in the second quarter for possible foreclosure-related legal costs.

That’s on top of the $78.5 million it reserved for legal costs in the fourth quarter of 2011.

Jacksonville-based LPS provides technology services for mortgage lenders through all phases of the loan process, from origination through default if the loan goes into foreclosure.

The company has been dealing with investigations by a number of state and federal authorities for more than two years over charges that one of its subsidiaries falsified documents.

When LPS announced the $78.5 million charge in February, analysts were hoping that was a signal the company’s legal costs would be relatively small. The additional $144.5 million charge raises more questions.

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Comments
2 Responses to “Fraudclosure | Lender Processing Services (LPS) Costs Climb into the Hundreds of Millions in Foreclosure Investigations”
  1. Anne-Marie says:

    What a joke. PENNIES for a dozen foreclosures. They should be shut down and shut into prison,

  2. Bobbi Swann says:

    Sorry, they need to go down with the rest of the banksters! Keep the lawsuits flowing!!!! Their funds can’t last forever and for gosh sake, quit buying their stock!!!

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