From Wall St Journal: The mortgage industry will take a step toward cleaning up some of its most controversial practices under a deal between a New York regulator and three financial firms, including Goldman Sachs Group Inc.
Under the agreement with the state's financial-services superintendent, Benjamin M. Lawsky, the three firms—Goldman, its Litton Loan Servicing business and Ocwen Financial Corp.—promised to end so-called robo-signing, in which bank employees signed foreclosure documents without reviewing case files as required by law. They also agreed to comb through loan files for evidence they mishandled borrowers' paperwork and to cut mortgage payments for some New York homeowners.
The settlement most affects mortgage servicers, the companies that collect monthly house payments from homeowners and pass them on to investors and lenders. They also work with troubled borrowers to restructure their debts, and they process foreclosures….
Find out more at http://online.wsj.com/article/SB10001424053111904716604576543021468088268.html?mod=googlenews_wsj
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