Tumblr Icon RSS Icon

Fed Sanctions Goldman Sachs Over Shady Mortgage Practices

By Alex Seitz-Wald  

"Fed Sanctions Goldman Sachs Over Shady Mortgage Practices"


google plus icon

The Federal Reserve sanctioned Goldman Sachs over a former subsidiary’s use of “robo-signing,” an all-too-common procedure in which foreclosure documents were processed without anyone actually examining the case. The Fed action orders Goldman to retain an independent consultant to review foreclosure proceedings initiated over a certain period of time by Litton Loan Servicing LP, which was owned by Goldman, and to “provide remediation to borrowers who suffered financial injury as a result of wrongful foreclosures or other deficiencies identified.” Monetary sanctions will likely be announced later, as well.

‹ Banks Still Fabricating Documents One Year After Robo-Signing Scandal Broke

In 10 States, Education Funding Has Been Cut 10 Percent (Or More) Below Pre-Recession Levels ›

By clicking and submitting a comment I acknowledge the ThinkProgress Privacy Policy and agree to the ThinkProgress Terms of Use. I understand that my comments are also being governed by Facebook, Yahoo, AOL, or Hotmail’s Terms of Use and Privacy Policies as applicable, which can be found here.