LPS' costs climb in foreclosure investigations, additional $144.5 million set aside in 2nd Qtr charge raises more questions

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LPS’ costs climb in foreclosure investigations, additional $144.5 million set aside in 2nd Qtr charge raises more questions

LPS’ costs climb in foreclosure investigations, additional $144.5 million set aside in 2nd Qtr charge raises more questions

Jax Daily record-

Lender Processing Services Inc. announced an agreement Thursday with the Missouri Attorney General to pay $2 million to settle charges related to its role in the nationwide foreclosure mess. But payment was only the tip of the iceberg.

LPS also announced Thursday that it set aside an additional $144.5 million in the second quarter for possible foreclosure-related legal costs.

That’s on top of the $78.5 million it reserved for legal costs in the fourth quarter of 2011.

Jacksonville-based LPS provides technology services for mortgage lenders through all phases of the loan process, from origination through default if the loan goes into foreclosure.

The company has been dealing with investigations by a number of state and federal authorities for more than two years over charges that one of its subsidiaries falsified documents.

When LPS announced the $78.5 million charge in February, analysts were hoping that was a signal the company’s legal costs would be relatively small. The additional $144.5 million charge raises more questions.

[JAX DAILY RECORD]

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