Lender Processing Services (LPS): “Many of these people are gaming the system”

Dear Mr. Jadlos,

Exactly who is gaming what sir? Please see this post and lets call it BULLSHIT! 

Foreclosure Backlog Helps Troubled Borrowers

21 April 2010 @ 03:03 pm EDT

An estimated 1.4 million borrowers have failed to pay their mortgages in more than a year, but continue to live in the properties, according to Lender Processing Services, which tracks mortgages on 40 million homes.

Under the new government regulations, it takes banks 14 months to evict nonpaying borrowers – longer in some states. “Many of these people are gaming the system,” said Ted Jadlos, a managing director at Lender Processing.

Also, banks aren’t in a hurry because once they take possession of a property they must write down its value to reflect market price. Plus, unoccupied homes are more likely to fall into disrepair or be vandalized.

Some analysts predict that this shadow inventory will cause prices to slide further, but so far it’s not happening.

Reprinted from REALTOR® Magazine Online with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright

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DJSP Enterprises, Inc. to Handle Processing for National Foreclosure Alternative Program for Leading Mortgage Lender

The PROOF is in coding…Figure this one out! 

DJSP’s Expertise and Comprehensive Electronic Platform Will Expedite Lender’s New, Alternative Foreclosure Initiative

PLANTATION, Fla., April 21 /PRNewswire-FirstCall/ — DJSP Enterprises, Inc., (Nasdaq: DJSP) one of the largest providers of processing services for the mortgage and real estate industries in the United States, today announced that it has been selected to process files for a national mortgage lender, one of the country’s top mortgage servicers, to be one of the primary vendors supporting its national foreclosure alternative program.

DJSP will process files for this national mortgage servicer’s national “deed in lieu” initiative, a major component of its foreclosure alternative program, which is designed to help homeowners who are behind in their mortgage payments transition out of their homes without having to go through the foreclosure process.

David Stern, President and CEO of DJSP Enterprises, Inc. adds, “We are extremely excited to be a part of this servicer’s program, an initiative that is seen as a joint effort between homeowners and mortgage lenders to help resolve the nation’s housing crisis. This transition process is viewed by many in the industry as being beneficial to both homeowners and mortgage holders. For the homeowners, it is less damaging to their credit scores, generally relieves them of any deficiencies and allows them to stay in their homes for a transitional period of time. For the mortgage holder, it reduces the legal costs and expedites the transfer process back to them. Ultimately this reduces the carrying costs for our client compared to a foreclosure. In addition, the program includes a provision for relocation assistance provided by the lender to the homeowner. Due to client demand we have moved to aggressively grow this division of our business.”

Mr. Stern concluded, “Because of the quality of services provided to this national mortgage lender for years, they understand and appreciate the level of professionalism and efficiency we bring to all aspects of the financial services business. They also understand that DJSP’s electronic platform is uniquely positioned to underpin this initiative, as it is able to provide the quality of service needed at a reasonable price. Additionally, following the closing of our recently announced agreement to acquire the national title insurance agency, Timios, Inc., we will have the control necessary to meet client deadlines on a consistent basis across the country. Timios will become a wholly owned subsidiary of DJSP, providing title search, document preparation, signing services and title policies on deed in lieu’s nationwide. Expanding our ability to fulfill title and closing services beyond Florida will give us the ability to provide the same high level of service our clients enjoy with us in Florida. We are looking forward to offering this best in class service to other clients in the very near future.”

The closing of the previously announced acquisition of Timios, Inc. is subject to customary due diligence, closing conditions and regulatory approvals.

About DJSP Enterprises, Inc.

DJSP is the largest provider of processing services for the mortgage and real estate industries in Florida and one of the largest in the United States. The Company provides a wide range of processing services in connection with mortgages, mortgage defaults, title searches and abstracts, REO (bank-owned) properties, loan modifications, title insurance, loss mitigation, bankruptcy, related litigation and other services. The Company’s principal customer is the Law Offices of David J. Stern, P.A. whose clients include all of the top 10 and 17 of the top 20 mortgage servicers in the United States, many of which have been customers for more than 10 years. The Company has approximately 1000 employees and contractors and is headquartered in Plantation, Florida, with additional operations in Louisville, Kentucky and San Juan, Puerto Rico. The Company’s U.S. operations are supported by a scalable, low-cost back office operation in Manila, the Philippines that provides data entry and document preparation support for the U.S. operation.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, about DJSP Enterprises, Inc. Forward looking statements are statements that are not historical facts. Such forward-looking statements, based upon the current beliefs and expectations of the Company’s management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: business conditions, changing interpretations of generally accepted accounting principles; outcomes of government or other regulatory reviews, particularly those relating to the regulation of the practice of law; the impact of inquiries, investigations, litigation or other legal proceedings involving the Company or its affiliates, which, because of the nature of the Company’s business, have happened in the past to the Company and the Law Offices of David J. Stern, P.A.; the impact and cost of continued compliance with government or state bar regulations or requirements; legislation or other changes in the regulatory environment, particularly those impacting the mortgage default industry; unexpected changes adversely affecting the businesses in which the Company is engaged; fluctuations in customer demand; the Company’s ability to manage rapid growth; intensity of competition from other providers in the industry; general economic conditions, including improvements in the economic environment that slows or reverses the growth in the number of mortgage defaults, particularly in the State of Florida; the ability to efficiently expand its operations to other states or to provide services not currently provided by the Company; the impact and cost of complying with applicable SEC rules and regulation, many of which the Company will have to comply with for the first time after the closing of the business combination; geopolitical events and changes, as well as other relevant risks detailed in the Company’s filings with the U.S. Securities and Exchange Commission, (the “SEC”), including its report on Form 20-F for the period ended December 31, 2009, in particular, those listed under “Item 3. Key Information – Risk Factors.” The information set forth herein should be read in light of such risks. The Company does not assume any obligation to update the information contained in this press release.

Company Contact:
David J. Stern
Chairman and CEO
DJSP Enterprises, Inc.
Phone: 954-233-8000
Email: dstern@dstern.com
or
Kumar Gursahaney
Executive Vice President and CFO

DJSP Enterprises, Inc.
Phone: 954-233-8000
Email: kumar@dstern.com
Investor Contact:
Hayden IR

Cameron Donahue
Phone: 651-653-1854
Email: cameron@haydenir.com

SOURCE DJSP Enterprises, Inc.

Foreclosure candidates travel to Tallahassee to ensure their day in court: TampaBay.com

Foreclosure candidates travel to Tallahassee to ensure their day in court

By Robert Trigaux, Times Business Columnist
Posted: Apr 21, 2010 05:19 PM

About 60 people from Tampa Bay and West Palm Beach gladly climbed aboard buses in the middle of the night to arrive Wednesday morning outside the Capitol in Tallahassee just to press one issue with legislators.

We may be facing foreclosure on our homes, protesters told elected officials. But do not take away our right to have our day in court before an impartial judge. Do not switch the burden of proof from lender to homeowner. And do not empower banks to pursue “nonjudicial procedures” just to speed up foreclosure proceedings and boot homeowners out of their own houses in just three months.

At 63, Woody Ryan’s been fighting his own foreclosure for more than a year. He hopped aboard a chartered bus in Sarasota at 2 a.m. It made a 3 a.m. stop for passengers in Tampa before speeding on to Tallahassee.

“I came because I wanted to let legislators know that the measures (to alter the foreclosure process) would create definite harm to the rights of people in Florida,” Ryan said via phone from Tallahassee.

One measure, pushed by the Florida Bankers Association and sponsored by Sen. Mike Bennett, R-Bradenton, ran out of steam last week. A second measure was targeted by the protesters who know enough about politics to realize anything can happen before the session ends.

Florida attorneys who represent folks facing foreclosure are raising red flags over some dangerous legal shortcuts and misrepresentations becoming the norm in a court system awash in foreclosures. The lawyers say many mortgage lenders and their lawyers working for so-called “foreclosure mills” are, in effect, creating “legal” documents with false signatures, and trying to pass them off in court as proof that suing lenders legitimately own the mortgage paper on homes they are trying to seize.

Tampa Bay attorney Mark Stopa, who traveled Wednesday to Tallahassee, represents about 300 area homeowners in foreclosure. Earlier this week, he showed me examples of documents known as “assignment of mortgages” that are supposed to identify the rightful bank owner of a mortgage on a home.

Many such documents are being doctored to appear legitimate. But the lender that made the original mortgage to the then new homeowner never legally handed over that mortgage to the institution now seeking to foreclose.

Stopa says banks already get away with this most of the time because 90 percent of all foreclosure proceedings happen without legal counsel, outside of court, by already financially drained homeowners.

State courts overwhelmed by the volume of foreclosures have been slow to recognize and respond to the corruption of legal documents.

Still, says Stopa, as troubling as foreclosure cases may be in court, they sure beat just letting banks — lenders that may or may not be the rightful mortgage owner — push homeowners out of their houses.

“I trust judges more than bankers,” Stopa says, “and that’s what this boils down to.”

This isn’t just about slippery or careless banks. Many homeowners failed to pay their mortgages. They will eventually have to give up their houses.

But this absolutely is about folks getting a fair shake in an impartial court — without the deception of mass-produced paperwork.

Contact Robert Trigaux at trigaux@sptimes.com

[Last modified: Apr 21, 2010 05:19 PM]

Rally in Tally to fight new foreclosure bill that would change Florida foreclosure laws

Rally in Tally to fight new foreclosure bill that would change Florida foreclosure laws

 Grayson Kamm    

Tampa, Florida — The idea of foreclosures that happen months faster and never go before a judge has some homeowners so angry, they piled onto a bus bound for Tallahassee hours before sunrise Wednesday.

It may have been the wee hours, but these folks were fired up.

A bus scooped up a handful of people at International Plaza in Tampa, and organizers expected to have about two-dozen upset homeowners on board by the time the bus made the last of its passenger pickups and rolled into Florida’s capital at around 8:30 a.m.

The bus-riding protestors are angry about a proposed foreclosure law that’s being pushed in the Florida Legislature by the banking industry.

If the bill is passed, foreclosing banks would be able to switch from a “judicial” to a “non-judicial” foreclosure process. That means — if a bank chooses — a judge would be removed from a foreclosure case, and the dispute would be handled directly between the foreclosing bank and the homeowner.

The process would apply mainly to second homes or rental homes; houses that have a homestead exemption on them would still need a judge’s involvement before the homeowners could be evicted and foreclosed on.

If the change is approved, it could dramatically speed up some kinds of foreclosures.

A “non-judicial” foreclosure could be wrapped up in as little as three months. Judicial foreclosures currently often take more than a year.

Bankers, who are backing the bill, say it will help Florida clear up the backlog of hundreds of thousands of foreclosure cases plugging up the state’s court system.

Supporters also say the bill would help neighbors of empty foreclosed properties by getting those homes back on the market, and help condo associations by putting new owners who will pay association dues into foreclosed units that don’t currently contribute to building maintenance.

Folks fighting against the proposal say it takes away the guarantee that no one will be “deprived of life, liberty, or property, without due process of law” promised by the U.S. Constitution, and the proposal would hand over too much power to banks.

The bus to Tallahassee from Tampa was paid for by the Stopa Law Firm, which handles foreclosure cases in the middle of Florida. The Tampa bus will be joined by similar buses from other parts of the state in Tallahassee.

The bill they’re arguing against originally had the questionable title of “Florida Consumer Protection and Homeowner Credit Rehabilitation Act,” but has since been given more realistic names in the Florida House and Senate.

Both the House and Senate versions of the latest bills, HB 1523 and SB 2270, seemed to die in committee earlier this month, but opponents fear the bills may still be revived this year or next year.

Connect with 10 Connects multi-media journalist Grayson Kamm on Twitter as @graysonkamm, on his Facebook page, or by e-mail at this link.

MISSION: VOID Lender Processing Services “Assignments” (LPS)

Before the great article AMIR EFRATI and CARRICK MOLLENKAMP wrote in The Wall Street Journal called U.S. Probes Foreclosure-Data Provider:Lender Processing Services Unit Draws Inquiry Over the Steps That Led to Faulty Bank Paperwork and then my post LENDER PROCESSING SERVICES (LPS) Hits Local NEWS!, many recall the BOGUS ASSIGNMENTS 2…I’m LOVING this!! LPS DOCx ADMISSIONS SEC 10K ROOFTOP SHOUT OUT! &  BOGUS ASSIGNMENTS 3…Forgery, Counterfeit, Fraud …Oh MY! posts. 

Lynn Szymoniak, ESQ. of Fraud Digest precise skills unraveling this massive scheme has placed spot lights and raised many eyebrows on Foreclosure Mill’s strategies and what they are fabricating with the help of LPS on the courts. One can read EXTRA! EXTRA! Read All about the misconduct of Lender Processing Services f/k/a FIDELITY a/k/a LPS and Fidelity’s LPS Secret Deals With Mortgage Companies and Law Firms to witness some cases of alleging fraud.

Lynn recently wrote an Open Letter to Honorable Judges in Foreclosure and Bankruptcy Proceedings.

Lender Processing Inc. is the TIP of The Pyramid; please click the link to see their admission to this whole scheme of fraud in question. As it turns out Big Brother has been watching! Anyone want shares NOW?? Goldman had met with LPS on 2/23 in a GS’s Tecnology and Internet Confrence Presentation. In turn of events following the Wall Street Journal story and amongst many other media articles displaying LPS’s on-going investigations, Brian Chip’s article on SmarTrend identified a Downtrend for Lender Processing Services (NYSE: LPS) on March 31, 2010 at $38.26 stating “In approximately 2 weeks, Lender Processing Services has returned 3.3% as of today’s recent price of $36.99. Lender Processing Services is currently below its 50-day moving average of $38.94 and below its 200-day moving average of $37.98. Look for these moving averages to decline to confirm the company’s downward momentum”. Then two days later LPS (NYSE: LPS) climbed 1.16% to $37.42 after Goldman Sachs upgraded the company’s share from Neutral to Buy with an one year price target of $48. How lucky right? So I guess GS has every right to upgrade LPS since their last meeting with them on possible involvement. But the world is now well aware of GS’s shenanigans thanks to LOUISE STORY and GRETCHEN MORGENSON’s article in the New York Times U.S. Accuses Goldman Sachs of Fraud: THE NEW YORK TIMES, According to the complaint, Goldman created Abacus 2007-AC1 in February 2007, at the request of John A. Paulson, a prominent hedge fund manager who earned an estimated $3.7 billion in 2007 by correctly wagering that the housing bubble would burst. Should we put any vailidity into their ratings or upgrades? NOT!

The good thing that came along the 10’s of thousands of visits within the last month, this blog has been used in several court houses.

CHEER UP, ONWARD!

Joining efforts along with 4closurefraud’s beautifully WRITTEN IN WEASEL, SO GET OUT YOUR DICTIONARY OF WEASELEASE – FNF, FIS, DOCX, LPS  and ForeclosureHamlet’s amazing article Stopping A Defective Title Wave With A Coupla Outstretched Helping Hands. They have knocked on doors, got media attention and ran with Homeowners and Attorneys Meet in Tallahassee To Celebrate Homeowner Rights And The Rule of Law with the help of attorney’s Matthew Weidner, Thomas Ice and others!

Today I am happy to say progress is in the making!

Please pass out the samples of these video’s below…

We are being heard LOUD & CLEAR!

Actual Court Filings throughout the nation of BOGUS Filings Below!

 



 

STOP THESE UNLAWFUL FORECLOSURES FROM CONTINUING ASAP.

SEND THIS TO EVERYONE YOU KNOW!

DON’T QUIT!

RALLY in TALLY Activists Heading to Tallahassee to Oppose Judicial Foreclosures…They are OFF!!

Just spoke with Foreclosure Hamlet & 4closurefraud:

They are on the bus and on their way to Jacksonville… Follow 4closurefraud tweets here

‘Angel’ of Foreclosure Defense April Charney will kick things off at the Rally in Tally!

Come hear April Charney speak to a crowd of fellow Foreclosure Fraud Fighters at 9 am!

Be sure to Join us at The Rally in Tally Wednesday April 21st, 2010 for a full day at the Capitol

Come tell YOUR Story

We Hope to See YOU There!