After discovering an array of misconduct and negligence involving deficient practices in servicing mortgage loans and processing foreclosures, the Federal Reserve Boards has announced it will be taking formal enforcement actions against the Goldman Sachs Group, Inc. and Goldman Sachs Bank USA. The misconduct and negligence involved stem from Goldman Sachs' former subsidiary, Litton Loan Servicing, LP, which was sold to Ocwen Financial Corporation on September 1, 2011 and is no longer servicing mortgage loans.
Goldman Sachs has been ordered to retain a neutral consultant who is to review all foreclosures that were filed at any time in 2009 and 2010. The goal is to provide re-mediation to homeowners who experienced financial harm because of the unlawful foreclosures or other insufficiencies that may be found in the review.
Goldman Sachs has also been ordered not to re-enter the mortgage serving industry while the review is taking place. If Goldman Sacks does, it will have to implement enhanced corporate governance, risk-management, compliance, borrower communication, etc. The Federal Reserve believes monetary sanctions will be appropriate and plans to announce the imposed monetary penalties sometime in the future
If you are facing a Florida Foreclosure Lawsuit, contact a Florida Foreclosure Defense Lawyer or a Jacksonville Foreclosure Lawyer today for a complimentary case review and to see what foreclosure defenses may be available to you.
