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N.Y. to receive $1.9M from mortgage settlement

By WILL ASTOR - 1/31/2013 3:35:31 PM

New York will see a $1.9 million share of a $121 million multistate settlement with mortgage loan processors whose illegal practices helped push millions of U.S. homeowners into foreclosure, state Attorney General Eric Schneiderman said Thursday.

In so-called robo-signing operations, Lender Processing Services Inc. and its subsidiaries LPS Default Solutions and DocX allegedly had workers churn out high volumes of legally questionable bank foreclosures.

Schneiderman said the settlement, which awaits finalization as a consent decree, imposes terms on the processing firm and its subsidiaries that would:

The settlement also calls for Lender Processing Services to maintain a toll-free number for consumers. 

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