How Would This Work for Other Crimes? NY Regulator, Goldman Reach “Robosigning” Pact

NY regulator, Goldman reach “robosigning” pact

(Reuters) – Goldman Sachs Group Inc will compensate some home loan borrowers for wrongful foreclosures under an agreement reached with a New York state banking regulator.

The agreement, which New York financial services superintendent Benjamin Lawsky reached with Goldman and Ocwen Financial Corp, contains several measures to strengthen the oversight of foreclosure proceedings.

It also will allow Goldman’s planned sale of its Litton Loan Servicing LP unit to continue.

A chief focus of the superintendent’s agreement, which was announced on Thursday, was putting an end to a practice known as “robosigning,” in which bank employees signed foreclosure documents without reviewing case files as required by law.

Goldman, Litton and Ocwen agreed to stop the practice, make new staffing and training requirements for employees handling foreclosures and withdraw pending foreclosure actions that are based on faulty paperwork.

They also agreed to compensate borrowers for wrongful foreclosures and strengthen protections for homeowners in relation to late payment fees and insurance costs.

Goldman also agreed to forgive 25 percent of the principal balance on mortgages that are 60 days overdue, a move that will cost the bank $53 million.

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Comments
11 Responses to “How Would This Work for Other Crimes? NY Regulator, Goldman Reach “Robosigning” Pact”
  1. CaitlinO says:

    It’s interesting that they’re offering a significant principal balance reduction (25%). Reducing balances has been fought tooth and nail by the banks throughout this crisis. It;s suspicious, though, that they’re only setting aside $53 million for this. It seems low.

    • lvent says:

      CaitlinO, see the latest Keiser report. The RULING ELITE are trying to be VERY SNEAKY and make us a nation of ETERNAL HOME RENTERS. THEY DON’T OWN OUR HOMES BECA– USE OF ALL OF THE MORTGAGE FRAUD…THEY NEVER LENT OUT ANY MONEY…THIS IS A GIANT SHAM AND A FRAUD…………. http://maxkeiser.com/

  2. Readdocs says:

    Oh My God. Break the law, promise to never do it again. Where have these
    promises been made before this? How about last year. Once again no one
    goes to jail.

    • housemanrob says:

      …..for justice, we can forget about it. there is none..or very little…by accident..like when foreclosure practices become a comedy charade,,,or if the banksters must reveal themselves and their crimes. All in power know the truth, and the few consumer advocates we have, are being ignored. Those who uphold the rights of main street are scrappy and aggressive, therefore our govt leaders should be running to protect our rights but more excuses just come. Freedom will come down to the epic battle of good vs evil…..everybody prepare…for time is short and war is imminent!

    • lvent says:

      Readdocs, they are still policing and regulating themselves..same old story, same old song and dance…..In God We Trust is everywhere and that means In The Vatican We Trust…to these secret agents of the Vatican…………Wasn’t it Lloyd Blankfein, the CEO of Goldman who said, He is doing God’s work…….HA!!!!!!!!!!! Dual Identities are the work of the devil……….!!!!!!!!! They are using the name of God to gain our trust!!!!!!!…..DESPICABLE!!!!!!!!

      • lvent says:

        What I mean about “In God We Trust” is everywhere is it is on the money and on the courtroom wall……these people are EVIL……….If we connect the dots we see the money trail leads right to the courtroom……!!!!!!!

  3. lvent says:

    If they can’t robo-sign than they can’t fraudclose……NATIONWIDE LOAN RECISSIONS SHOULD FOLLOW!!!! RETURN THE STOLEN HOMES TO THE PEOPLE WITH LARGE MONETARY RESTITUTIONS OR THE PEOPLE SHOULD BURN THEM DOWN WITH LAWSUITS…..!!!!!!!!! THEY HAVE BURNED DOWN MAINSTREETS AMERICAN DREAM BECA– USE OF ALL OF THEIR FRAUD…..!!!!
    George Carlin Video: The Truth About Wall Street and Washington:
    http://dailybail.com/home/george-carlin-video-the-truth-about-wall-street-and-washingt.html

  4. lvent says:

    DIRTY DEEDS DONE DIRT CHEAP!!!!!!!!!!!

  5. lvent says:

    I WOULD DEMAND MY STOLEN HOME BACK PLUS MONETARY RESTITUTION……A SLAP ON THE WRIST FOR FRAUD IS UNACCEPTABLE!!!!!!……Who the F–k is the financial services superintendant and who gives him the AUTHORITY to allow this BULLSHIT? START FILING LAWSUITS….EN MASSE….If they get away with this slap on the wrist, they are getting away with the crime of the century..MAKE GOLDMAN RETURN THE STOLEN GOODS WITH MONETARY RESTITUTION TO THE HOMEOWNER AND..CUFF EM….!!!!!! Or burn them down……

    • lvent says:

      They say they are doing God’s work but what God are they talking about? That is the question…..it sure is not the same God as the God I believe in would never allow this terrorism on his people…..These criminals use God’s name to deceive us and gang our trust…..Despicable……!!!!!!! Evil!!!!!!!!!!

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