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<oembed><version>1.0</version><provider_name>naked capitalism</provider_name><provider_url>https://www.nakedcapitalism.com</provider_url><author_name>Yves Smith</author_name><author_url>https://www.nakedcapitalism.com/author/yves-smith</author_url><title>Another Class Action Suit Filed in Federal Bankruptcy Court Against Lender Processing Services | naked capitalism</title><type>rich</type><width>600</width><height>338</height><html>&lt;blockquote class="wp-embedded-content" data-secret="UGJJts4Ake"&gt;&lt;a href="https://www.nakedcapitalism.com/2011/04/another-class-action-suit-filed-in-federal-bankruptcy-court-against-lender-processing-services.html"&gt;Another Class Action Suit Filed in Federal Bankruptcy Court Against Lender Processing Services&lt;/a&gt;&lt;/blockquote&gt;&lt;iframe sandbox="allow-scripts" security="restricted" src="https://www.nakedcapitalism.com/2011/04/another-class-action-suit-filed-in-federal-bankruptcy-court-against-lender-processing-services.html/embed#?secret=UGJJts4Ake" width="600" height="338" title="&#x201C;Another Class Action Suit Filed in Federal Bankruptcy Court Against Lender Processing Services&#x201D; &#x2014; naked capitalism" data-secret="UGJJts4Ake" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"&gt;&lt;/iframe&gt;&lt;script type="text/javascript"&gt;
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</html><description>The noose is tightening around Lender Processing Services.  Last week, various news outlets revealed that Federal banking regulators had issued consent orders against major servicers, MERS, and LPS. Kate Berry of American Banker pointed out that LPS is exposed to making payments to servicers:   In addition to the 14 biggest mortgage servicers, two of the biggest vendors to the industry received cease-and-desist orders from regulators Wednesday. One was stronger than the other.  Lender Processing Services Inc. and Merscorp Inc.'s Mortgage Electronic Registration System were both cited for "significant compliance failures" and "unsafe and unsound business practices" related to foreclosures. Regulators are requiring both companies to hire independent consultants, take remedial steps to address past failures and hire additional staff.  But only LPS, a publicly traded company in Jacksonville, Fla., that provides foreclosure-related services to banks, faces the possibility of having to reimburse servicers and borrowers if an independent review finds anyone was financially harmed by its failure to properly execute mortgage documents....</description></oembed>

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