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Goldman Sachs

NCUA Files Suits Against Nine Firms Over Bad MBS

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The National Credit Union Administration (NCUA) has filed nine lawsuits in Federal District Court in New York against Morgan Stanley & Co., Inc. and eight other institutions over the sale of nearly $2.4 billion in mortgage-backed securities (MBS) to Southwest and Members United corporate credit unions.Click to continue

Check's In the Mail: Four Million-Plus Borrowers to Receive Servicing Settlement Payouts

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Payments to 4.2 million borrowers are scheduled to begin on April 12 following an agreement reached by the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board with 13 mortgage servicers. The agreement, which was reached earlier this year, provides $3.6 billion in cash payments to borrowers whose homes were in any stage of the foreclosure process in 2009 or 2010 and whose mortgages were serviced by one of the following companies, their affiliates, or subsidiaries: Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Click to continue

Goldman Sachs and Morgan Stanley Reach Agreement With Federal Reserve on Servicing Practices

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Goldman Sachs and Morgan Stanley have reached agreements in principle with the Federal Reserve Board to pay $557 million in cash payments and other assistance to help mortgage borrowers. These agreements are similar to those announced on Jan. 7, 2013, between 10 mortgage servicing companies and the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board. Like the other institutions, Goldman Sachs and Morgan Stanley were subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing.Click to continue

Brooke Aguilar Joins Platinum Data as SVP of Sales and Marketing

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Platinum Data has announced the addition of former CoreLogic executive Brooke Aguilar as the company’s new senior vice president of sales and marketing for the mortgage lending channel. Aguilar will leverage 11 years of mortgage industry experience, which includes five years with CoreLogic, to build out a sales and marketing division that helps the company achieve its goals for significantly increasing its market share among mortgage lenders.Click to continue

NCUA Files Suit Against Wachovia

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The National Credit Union Administration (NCUA) has filed suit in Federal District Court in Kansas against Wachovia and its subsidiaries alleging violations of federal and state securities laws and misrepresentations in the sale of securities to now-failed U.S. Central Federal Credit Union (U.S. Central) and Western Corporate Federal Credit Union (WesCorp).Click to continue

FHFA Takes Legal Action Against 17 Firms to Recoup GSE Losses

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The Federal Housing Finance Agency (FHFA), as conservator to the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, has filed lawsuits against 17 financial institutions, certain of their officers and various unaffiliated lead underwriters. The suits allege violations of federal securities laws and common law in the sale of residential private-label mortgage-backed securities (MBS) to the GSEs.

Complaints have been filed against the following lead defendants:Click to continue

NY Regulators Okay Goldman's Sale of Litton to Ocwen With Anti-Robo-Signing Measures in Place

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New York State Superintendent of Financial Services Benjamin M. Lawsky has announced that New York’s Department of Financial Services and the New York State Banking Department have entered into an agreement with Goldman Sachs Bank, Ocwen Financial Corporation and Litton Loan Servicing LP to adhere to landmark new Mortgage Servicing Practices. The agreement was required by the Superintendent as a condition to allowing Ocwen’s acquisition of Goldman Sachs’ mortgage servicing subsidiary, Litton.Click to continue

NCUA Seeks $491 Million in Damages From Goldman Sachs Over MBS Misrepresentations

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The National Credit Union Administration (NCUA) has filed a lawsuit in California against Goldman Sachs alleging violations of federal and state securities laws, as well as misrepresentations in the sale of mortgage-backed securities (MBS) to now-failed U.S. Central and Western Corporate federal credit unions. This action seeks damages in excess of $491 million from Goldman Sachs, bringing the total sought in the four lawsuits filed to date against Goldman Sachs to nearly $2 billion.Click to continue

Major Servicer Launches New Loan Mod Product to Assist Underwater Mortgage Holders

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Ocwen Financial Corporation has launched a new loan modification program designed to help distressed homeowners who owe more than their houses are worth and, at the same time, mitigate the likelihood of "rewarding" borrower delinquency. Ocwen's Shared Appreciation Modification (SAM) program reduces delinquent customers' principal owed, but also compels them to share some of the appreciation with the mortgage's owner, not the servicer, if the house increases in value by the time they sell or refinance it. Ocwen launched the SAM program on a pilot basis last year.Click to continue