Testimony from Star Witness and whistleblower, who by the way was killed after her testimony to a Grand Jury in Nevada, reveals even more than the instant matter of the indictment of Gary Trafford and Gerri Shepphard of Lender Processing Services.
The first day of testimony, 11/8/2011, with John Kelleher, chief deputy attorney general, questions that arguably had nothing to do with the indictment were asked, I’m guessing because there is much, much more going to happen in coming months.
Q: When you say client, what are you referring to? What type of people or companies would hire LPS to do this work for them?
TRACY LAWRENCE (before her death)
A: The trustees who were appointed by the banks to handle their foreclosures.
Q: Do you know some of the names of some of the clients that your company did work for?
A: Uh-huh. Yes. Sorry.
Q: Can you tell us some of those that you recall?
A: Cal Western, California Reconveyance, Recon Trust Company, National Default Services, Housekey, Land America Services, Trustee Corp. Those are some of the bigger ones. I remember there were some others that were littler who didn’t really do a lot, didn’t have a high volume.
Q: Do you know which banks those companies were affiliated with?
A: Yeah. Like Cal Western initially was Bank of America but then Bank of America bought Countrywide which was Recon Trust so then that was their bank. California Reconveyance, initially they were, when WaMu, I’m sorry, Washington Mutual, that was their, they were the trustee for Washington Mutual, National Default Services did a lot of Fannie Mae, Freddie Mac, a lot of HUD loans, various banks. Trustee Corp, I can’t remember who - - a lot of times, they would be representing like those loan, like the loan trust where the loans were all packaged together, so it wouldn’t really say a bank it would say Trustee Corp for the benefit of, for whatever the trust was named for all the loans that were bundled together.
Q: Are you referring to the mortgage backed securities?
A: Yes.
Q: What’s your understanding of how that worked?
A: I don’t really have an understanding other than what I read. It was never really explained to us other than what I read, you know, in the paper.
Anyway, she just listed a bunch of criminals involved in a huge money-laundering and fraud scheme, and she doesn’t even know it. There are times, of course, when the prosecutors would love to make the banks look like victims. My concern is this: Why do all the criminal banks love to go to the bad guys like LPS? Don't ya think the banks know something as to how their fraud is to be processed? It is quite true that you are who you run with.
Remember, folks, this LPS in Las Vegas was doing business everywhere. I’ve heard also that Nevada has some kind of state income tax loophole for corporations to avoid income tax while being able to do business out-of-state, wherefore many companies loved to plant their companies there. This is irrelevant to the instant matter of fraudulent foreclosures, but I have a belief there is more behind this with taxes too and alleged assignments of mortgages, and it does show their character.
I wonder how much the banks urged LPS to lie for them and tamper with records.
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