February 2013

LPS Shareholder Files Suit

February 22, 2013 Mark Cullen

Steven Hill, a shareholder of Lender Processing Services, filed a shareholder derivative suit against the directors of mortgage servicing company Lender Processing Services on February 19, 2013, in Delaware Chancery Court. (A copy of this lawsuit is available in the Resources section of this website.) The lawsuit alleges that the Board’s delay in addressing document fraud allegations resulted in significant legal expenses and fines for the company.… [Read More]

Fannie Mae’s Big Footprint in South Florida

February 22, 2013 Lynn Szymoniak

As of February 22, 2013, Fannie Mae’s stockpile of homes reached an all-time high on South Florida’s east coast.  Fannie Mae owned 789 homes in Palm Beach County. Freddie Mac owned 115 homes. The bank stockpiles also continued to grow in South Florida.… [Read More]

LPS Consent Non-Prosecution Agreement and Statement of Facts

February 19, 2013 Mark Cullen

Lender Processing Services’ Non-Prosecution Agreement and Statement of Facts from the Jacksonville federal case are now available in the resources section of the website.… [Read More]

LPS Walks Away From Criminal Charges

February 17, 2013 Lynn Szymoniak

The Department of Justice announced on February 15, 2013, that the investigation by the Jacksonville office of the Middle District of Florida of one of the nation’s largest mortgage servicers, Lender Processing Services (“LPS”), would be concluded without any criminal charges being filed against the Jacksonville-based corporation. [Read More]

Judicial Notice of LPS Officer Lorraine Brown’s Guilty Plea

February 16, 2013 Mark Cullen

Though LPS officer Lorraine Brown plead guilty in federal court, fraudulent assignments continue to be used in foreclosures nationwide. Part of the battle for homeowners is getting courts to recognize the massive, systematic fraud committed by LPS subsidiary DocX. Here is an example of a request of Judicial Notice of Lorraine Brown’s guilty plea.… [Read More]

Vote No on House Bill 87

February 6, 2013 Mark Cullen

Today’s most important single action would be to send an email with the following subject line:

Vote No on House Bill 87 to each of the following:

Office of the Majority Leader
Stephen L “Steve” Precourt, 850 717-5044 steve.precourt@myfloridahouse.gov

Office of the Majority Whip
Dana D.… [Read More]

Feds Sue S&P Over Subprime Ratings

February 6, 2013 Mark Cullen

From CNN Money:

The Justice Department accuses S&P of giving deceptive ratings to mortgage securities between 2004 and 2007 that greatly underestimated the risk to investors. It did so, according to the suit, in order to collect fees from the firms that were pooling the risky home loans into securities.

[Read More]