From The Hill: The Federal Reserve is pursuing enforcement action against Goldman Sachs for a “pattern of misconduct and negligence” related to mortgage servicing and foreclosure practices. The Fed announced Thursday a formal enforcement action against the Wall Street giant for the practices of its former subsidiary, Litton Loan Servicing LP. The action was taken the same day Goldman sold off Litton, the 23rd-largest mortgage servicer in the nation.
Under the action, the Fed is ordering Goldman to retain an independent consultant to review any foreclosure proceedings begun by Litton over the last two years. The consultant should seek to compensate borrowers who were wrongfully foreclosed upon or suffered other deficiences under Litton’s foreclosure processes…
Read more at http://thehill.com/blogs/on-the-money/1091-housing/179235-fed-penalizes-goldman-sachs-for-mortgage-servicing-negligence
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