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« Why Democrats Won't Criticize Child Killer Obama | Main | Presidential Shankapotomos (Watch Obama's Golf Swing) »
Sunday
Feb172013

WRIST SLAP: Justice Dept Settles Robo-Signing Fraud Case

Criminal foreclosure costs LPS just $30 per fraud.

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Reuters

Mortgage servicing company Lender Processing Services agreed to pay $35 million to resolve a federal criminal investigation into foreclosure fraud, the Justice Department said on Friday.

The settlement resolves allegations over the company’s involvement in what the government called a six-year scheme to prepare and file more than 1 million fraudulently signed and notarized mortgage documents in property recorders’ offices nationwide from 2003 to 2009.  The practice became known as robo-signing.

Lorraine Brown, the former CEO of DocX LLC, was found guilty, November 20, 2012, for conspiracy to commit mail and wire fraud.  Sentencing for Brown is scheduled April 23.  She faces a possible sentence of a maximum of five years in prison and a $250,000 fine, or twice the gross gain or loss from the offense.

LPS entered into a two-year non-prosecution agreement that requires it to meet many conditions, including cooperating in federal probes, and alert the government to any abuses in mortgage or foreclosure documentation services at the company.

The $35 million payment includes criminal penalties and forfeiture and must be made within 10 days to the U.S. Marshals Service and the U.S. Treasury, the Justice Department said.  The company said on Friday that it has a $223 million reserve that covers the Justice Department accord and prior settlements.

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Reader Comments (2)

Non-prosecution agreement... Yet again the punishment for the crime becomes a tax, or cost of doing bad business. Therefore the frauds and thefts will continue.
Feb 18, 2013 at 3:50 AM | Unregistered CommenterS.Gompers
One Milliion Foreclosures. Fine 35M. This sounds like a Very profitable business. I expect the profits from these forclosures are bigger by a Large factor. Is this a government reward for throwing people out of their houses? It sounds so to me.
Later stat: 2M homeless in the US. 3.5M empty house/condos. Is this a great country or what?!
Feb 18, 2013 at 6:34 PM | Unregistered Commenterprofnasty

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