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Lender Processing Services: At the root of all foreclosure evil

Evil

by Mike on March 30, 2011

Did you know that one company is to blame for most, if not all, of the outright fraud found in foreclosures across the country? That one company handles the overwhelming majority of so-called “defaulted” loans? That one company generates—i.e. fabricates—all the paperwork, hires all the lawyers, tracks all the numbers, and pulls all the strings?

All foreclosure fraud roads lead to LPS

That company is Lender Processing Services, or LPS. And just like all roads lead to Rome, all fraud investigations seem to be running to, or through this company. Author Yves Smith breaks down some new revelations in an affidavit submitted by a former employee of LPS who describes some of the prctices that went on there.

We already know, for example, that LPS stands accused of illegal kickbacks from the law firms it retains to service foreclosure cases. New revelations include a culture of sloppiness, inattention to detail, and lack of accountability that encouraged LPS employees to “make something up” when time pressure was on, and they’d do it using each other’s login and passwords so that no one really knew who was doing what.

They didn’t use the word “forge”

Even worse, we already knew that LPS was using “robo-signers”—employees whose job it was to sign affidavits, assignments, and other supposed evidence without even reading it, let alone verifying that any of it was true. Now we know, thanks to the deposition of Cheryl Thomas, that these robo-signers weren’t even doing the signing themselves. Temp employees, known as “surrogate signers”, were paid to forge the signatures of other, authorized robo-signers. This is probably why, for example, the infamous Linda Green has so many versions of her signature in the public record.

As Yves points out… this is illegal. There’s no other way to describe it. It’s the deliberate, wholesale, institutionalized fabrication of evidence designed to undermine our judicial system. And LPS made a ton of money doing it—your money.

Outraged yet?

( Photo source / Photo rights )

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