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Thursday, January 24, 2013

Goldman Sachs, Morgan Stanley to pay $557 million for mortgage mess

Goldman Sachs and Morgan Stanley agreed to pay $557 million to borrowers for doing a lousy job on mortgage loan servicing and foreclosure processing.

The agreement with the Federal Reserve is similar to the $8.5 billion deal with 10 banks announced Jan. 7 by the Fed and the Office of the Comptroller of the Currency.

More than 220,000 borrowers whose homes were in foreclosure in 2009 and 2010 with Litton Loan Servicing (a former Goldman Sachs subsidiary) and Saxon Mortgage Services (a former Morgan…

http://feeds.bizjournals.com/~r/industry_21/~3/RfJlQ2jEc4I/goldman-sachs-morgan-stanley-to-pay.html
@ uwad.com

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