February 1, 2013

Maine to receive $500K in mortgage robo-signing settlement

Funds from the settlement will be used to support housing counselors to help Maine homeowners avoid foreclosure.

The Associated Press

AUGUSTA — Maine will receive $500,000 as part of the $121 million multi-state settlement in a mortgage robo-signing case.

Attorney General Janet Mills said Thursday that her office reached a settlement against Lender Processing Services Inc. and its subsidiaries, LPS Default Solutions and DocX.

The proposed judgment, which involves 45 states and the District of Columbia, resolves allegations that the Jacksonville-based company "robo-signed" documents and engaged in other improper conduct in mortgage loan default servicing.

Thursday's judgment, filed in Kennebec County Superior Court, prohibits LPS from using "robo-signers" and improper notarizations. It also requires the company to review and correct all the documents it processed from 2008-2010 at the height of the foreclosure crisis.

Funds from the settlement will be used to support housing counselors to help Maine homeowners avoid foreclosure.

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