Bootcamper’s Allegations Against LPS, Prommis Draw Media Attention

Bootcamper Nick Wooten filed a third amended complaint in Thorne earlier this week and drew immediate attention from Daily Finance.  The potential ramifications for the defendants are staggering–as Naked Capitalism pointed out in a recent post, the common remedy for illegal fee sharing is disgorgement.

And, Daily Finance adds, “Since every dollar of revenue both foreclosure subsidies have ever earned comes from allegedly illegally shared attorney’s fees, the companies and their parents could have to pay it all back.”

And that’s just the impact on the defendants in this case; a negative ruling on their practices could reach much further, given the widespread similar practices in the foreclosure industry.