California and Illinois Subpoena LPS

From the Huffington Post and the AP Wire comes this report California and Illinois Target LPS in Robo-Signer Probe LOS ANGELES — Prosecutors in California and Illinois are investigating allegations that Lender Processing Services Inc., one of the nation’s largest mortgage processing companies, engaged in the illegal practice of “robosigning” – signing thousands of foreclosure […]

AG Eric Schneiderman is My New Hero

From Glenn Greenwald at Salon comes this piece on Eric Schneiderman, NY AG who is actually not so afraid to do his job.  I’m sure that the Wall Street mafiosos are looking for (manufacturing) his Eliot Spitzer moment as we speak.   In the meantime, carry on, Mr. Schneiderman, and do it quickly: But most noteworthy and […]

LPS: the Ugly Truth Bared in Amended Complaint Securities Litigation Featuring 17 Witnesses

The Amended Complaint by investors against LPS is a thing of beauty.   It details some of the alleged illicit practices as buttressed by the testimony of 17 confidential witnesses, mostly ex-LPS employees with varying levels of duties and responsibilities.  5 20 2011 City-of-St-Clair-Shores-Employees-Retirement-System-v-LPS-et-al-Amended-Complaint-May-18-2011. Summary by Catherine Eckland: LPS’ Illicit Practices: ·      Fabrication of documents ·      “robo-signing” ·      […]

Federal Audits Read Like Indictments of Five TBTF Banks

Full story on Huffington Post here: A set of confidential federal audits accuse the nation’s five largest mortgage companies of defrauding taxpayers in their handling of foreclosures on homes purchased with government-backed loans, four officials briefed on the findings told The Huffington Post. The five separate investigations were conducted by the Department of Housing and […]