Relevant:
- LENDER PROCESSING SERVICES HAS A VERY BAD DAY: FEDERAL BANKRUPTCY TRUSTEE JOINS LITIGATION AGAINST LPS ON BEHALF OF ALL CHAPTER 13 TRUSTEES IN THE US
- Loan Servicers Prepare for Borrower Backlash. Lawsuits Mounting
- Enforcement Action Coming Against Loan Servicers
- (Saving...) Lender Processing Services to Pay $127 Million to Settle Robo-Signing Charges
- HSBC Reaches $470 Million Accord Over Foreclosure Abuses
2011-01-11 — mortgageorb.com
"The recently identified deficiencies in the preparation and handling of legal documents to carry out foreclosures are unacceptable. While those deficiencies undoubtedly reflect strains on a system that is operating beyond capacity and was never designed to handle the volume of nonperforming loans that we are seeing today, they also represent a breakdown in corporate internal controls and the integrity of mortgage servicing and foreclosure processing. Servicers and others within the industry may have attempted to expand the resources available to deliver appropriate loss mitigation services, including timely and accurate foreclosure processing, but in some instances, those efforts have been inadequate."
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