ONE-TWENTY TWO: Trading Financial Markets
Exploring the poetry in financial markets for students of money and economy since the year 2000.
On Wednesday, the Office of the Comptroller of the Currency rendered punishment on Lender Processing Services, Inc. (LPS) and other financial institutions “…for unsafe and unsound practices related to residential mortgage loan servicing and foreclosure processing.” (See OCC Takes Enforcement Action Against Eight Servicers for Unsafe and Unsound Foreclosure Practices). The OCC now requires mortgage … Read more
Once again, negative news flow caught up with Lender Processing Services (LPS) – this time it was a Reuters report titled “Special report: Legal woes mount for a foreclosure kingpin” that provided additional sordid and scandalous details on now well-known allegations that have weighed on LPS for at least a year. Reuters essentially claims that … Read more
The stock market responded favorably to Thursday evening’s earnings report from Lender Processing Services, Inc (LPS) by sending the stock up 5%. Buying volume was also strong at 3.3 million shares, almost doubling the 1.7M 3-month average. *Chart created using TeleChart: I suspect a material portion of this buying came from disappointed shorts who were … Read more
Lender Processing Services (LPS) provides “…mortgage processing services, settlement services, mortgage performance analytics and default solutions.” The company claims that “a majority of the 50 largest U.S. banks” use its services. This business has put LPS right at the epicenter of “foreclosuregate.” On September 30, immediately before the foreclosure scandal engulfed LPS, the stock experienced … Read more