Senator Asks Justice Department to Investigate Lender Processing Services

LPS

Senator Asks Justice Department to Investigate Mortgage Company

A U.S. senator has asked Attorney General Eric Holder to investigate the business practices of a company that provides technology services to lenders and other companies that process foreclosures.

In a letter sent to the Department of Justice on Thursday, Sen. Ron Wyden (D., Ore.) raised concerns over the business practices of Lender Processing Services Inc. LPS +0.04%, a Jacksonville, Fla.-based company that offers software and logistical services for mortgage companies. The letter alleges that LPS employed an improper fee structure that resulted in double-billing homeowners or mortgage investors for legal services related to the processing of foreclosures and bankruptcies.

It also says that the firm’s business model may have been responsible for sowing what became known as “robo-signing,” where bank attorneys and paralegals improperly signed off on foreclosures.

The allegations made in the letter “are incorrect,” said Michelle Kersch, a company spokeswoman, in a statement. “In fact, over the last several years, federal and state courts across the country have dismissed 15 civil cases that were based on the same failed allegations.”

The letter identified concerns brought forward by an unnamed industry professional that Sen. Wyden’s staff said it found credible, after reviewing them with other industry analysts and government regulators, according to the letter.

Rest here…

Copy of the letter below…

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4closureFraud.org

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Letter

Comments
2 Responses to “Senator Asks Justice Department to Investigate Lender Processing Services”
  1. leapfrog says:

    “The allegations made in the letter “are incorrect,” said Michelle Kersch, a company spokeswoman, in a statement. “In fact, over the last several years, federal and state courts across the country have dismissed 15 civil cases that were based on the same failed allegations.”

    Just because you’ve paid off 15 corrupt judges to look away from the blatant criminality, doesn’t mean that you will get away with it forever. Let’s have Judge Schack and Elizabeth Warren take a look at LPS. I’d love to hear THEIR opinions.

  2. leapfrog says:

    Good luck with that, Senator. The wretched and useless bankster-apologist Place Holder will bend over backwards to coddle the banksters and their minions.

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