Right. Recently profiled on 60 Minutes were several former DocX employees, each paid around $10. bucks an hour to literally forge legal mortgage documents with someone else's signature. These liberally paid employees were actually given the title "Bank Vice President". Good work if you can get it.
DocX was a wholly owned subsidiary of LPS or Lender Processing Services, an integral player in the banksters fraudulant scheme to foreclose on as many US homeowners as possible. DocX is now closed down due to the unwanted scrutiny and daylight cast upon it by numerous victims and their attornies.
All of a sudden LPS wants us to know that it has developed "new software" that will help carry the industry into the next era. The guano, it is getting deep in here.
From the Palm Beach Post:
Lender Processing Services, the subject of a 60 Minutes segment about foreclosure document fraud, has added "new document integrity management capabilities" to the software it markets to loan servicers.
According to a recent company newsletter, LPS consulted with servicers in late 2010 "to understand the nuances of the 'personal knowledge' standard, including process steps and needed proof at the conclusion of an affidavit of indebtedness review that all steps have been followed in compliance with internal policies and procedures."
In countless foreclosure cases, attorneys have argued that Docx, a defunct subsidiary of LPS, used so-called robo-signers to sign sworn affidavits claiming they had "personal knowledge" of a foreclosure case, often without reviewing the documents.
One former employee told a 60 Minutes reporter that he signed the name of a co-worker, Linda Green, as fast as he could on thousands of documents. A notary who formerly worked for LPS said she was told to notarize documents without witnessing the signature
http://www.palmbeachpost.com/...
The fraud by DocX was so blatant that a price listing was developed for services offered including "recreate entire collateral file" ($95!) and "cure defective assignment" for the bargain rate of $12.95.
http://www.nakedcapitalism.com/...
Those "recreated" documents have wreaked havoc on the court systems and in the lives of evicted borrowers and homeowners. They continue to threaten the recovery of the housing market and the economy in general. LPS' role in this is
legion.....
Why are the big, sophisticated banks submitting such problematic documents to the courts? The key reason is that sometimes when a bank wants to foreclose, it has to prove it actually has the right to foreclose -- that it owns the note and accompanying mortgage. Unfortunately for the banks, the securitization of mortgages and the changes in property-ownership documentation that accompanied such deals can make it hard for the banks to establish clean chains of title and produce original documents. That's especially difficult in an environment where a massive number of foreclosures must be started and completed in a timely manner.
Bankruptcy attorney O. Max Gardner explains that the time pressures to get these foreclosures done is overwhelming. One major foreclosure company, Lender Processing Services, actually rates attorneys on how quickly they complete each part of the foreclosure process for its mortgage-servicer clients, giving lawyers green, yellow or red labels to reflect their "Attorney Performance Rate." If an attorney fails to keep pace and lands in the red long enough, that attorney won't get any more business from LPS, or rather, from the banks LPS works for. Gardner calls it "stopwatch justice."
So rather than take the time to generate the correct documentation, it seems the banks cut corners. Yet these are not small nicks off the end of the corners, despite protests from the banks that the documents are essentially true, just signed badly.
Documents like those cited in this article -- which are common -- falsify the chain of title for the underlying properties. Clean title is so crucial for real estate deals that they won't close if a seller can't give good title. In fact, one major title insurer, Old Republic National Title Insurance, will no longer insure titles for GMAC foreclosures because of the document problem. The stock market is weighing in, too, as shares of title insurers have taken a hit.
See full article from DailyFinance: http://srph.it/...
Time to show LPS the door, IMHO. Any reasonable person can surmise that they have caused enough damage.