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Loan Modification

: Mortgage Lender Implode-o-Meter

Robbins Geller Rudman & Dowd LLP Files Class Action Suit against Lender Processing Services, Inc.

By Implode-Explode Heavy Industries

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"The complaint alleges that, throughout the Class Period, defendants failed to disclose material adverse facts about the Company's true financial condition, business and prospects. Specifically, the complaint alleges that defendants failed to disclose: (i) that the Company had engaged in improper and deceptive business practices; (ii) that the Company's subsidiary Docx had been falsifying documents through the use of robo signers; (iii) that the Company had engaged in improper fee sharing arrangements with foreclosure attorneys and/or law firms, including, but not limited to, undisclosed contractual arrangements for impermissible legal fee splitting, which are camouflaged as various types of fees; (iv) as a result of the Company's deceptive business practices, the Company reported misleading financial results; and (v) further, as a result of the foregoing, at all relevant times, the Company's financial outlook lacked a reasonable basis."

Full post as published by Mortgage Lender Implode-o-Meter on November 24, 2010 (boomark / email).