Goldman Sachs Said to Be Part of Fed-Led Foreclosure Settlement

Whitewash

Goldman Sachs Said to Be Part of Fed-Led Foreclosure Settlement

Goldman Sachs Group Inc. (GS), Morgan Stanley (MS) and two other banks may agree as soon as this week to settle claims over botched foreclosures in an accord similar to one reached with 10 other loan servicers, two people briefed on the discussions said.

The agreement, also involving HSBC Holdings Inc. (HBC) and Ally Financial Inc. (ALLY), would end case-by-case reviews of foreclosures under earlier accords with the biggest mortgage servicers, said the people, who declined to be identified because the talks are private. The Federal Reserve-led discussions specified at least $1.5 billion in cash and assistance for borrowers, one of the people said.

Ten servicers agreed Jan. 7 to an $8.5 billion settlement with the Fed and the Office of the Comptroller of the Currency that ends the outside reviews in exchange for a deal that limits their costs to $3.3 billion in cash for foreclosures in 2009 and 2010 and $5.2 billion in other mortgage-related aid.

The new settlement could bring the industry payout to $10 billion and expands beyond the 14 firms required to review foreclosures under the April 2011 agreement. IndyMac Bancorp’s successor OneWest Bank FSB and EverBank Financial Corp. (EVER) have yet to reach settlements with regulators.

“We continue to have conversations with the servicers we regulate who were under April 2011 enforcement actions but were not part of the settlement,” said Bryan Hubbard, an OCC spokesman. OneWest, EverBank and HSBC are included, he said.

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Comments
4 Responses to “Goldman Sachs Said to Be Part of Fed-Led Foreclosure Settlement”
  1. Mystify says:

    The best revenge is to cut up the credit cards when the banks are not making any money off of us deadbeats then who do they think they can scam next? Cash is king!

  2. penelope Cruz says:

    REALLY!!!!! What about the families that lost everything when this all started? I lost my home to foreslosure in 2008, but I am not allowed to be a part of the Independent Foreclosure Review Settlement!
    HOW IS THIS FAIR! who made the stipulation only 2009 and 2010 foreclosure’s were entitled to the IFR settlement? WE were the first harmed, but yet discriminated against by the IFR settlement, just as the banks did. My loan with CountyWide was fraudlent in every way! From the broker to CountryWide……. We, had NO help from anyone or any programs. Please do not think this is a victory until, we the ones left with no home, no credit, and no help are treated all the same!

  3. Sue Em says:

    another and another settlement…I am loosing track. We the people don’t care about settlements anymore. I hope that one day in the future our children will know that these people who run the banks and the ones protecting them from the law are nothing to look up to. Prostitutes will look more honorable. Everyone will know that they are nothing more than cheating thieves. No matter how elegant their suits look – cockroaches deserve more pity!

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