Book Describes Out of Control Mortgage Servicing Industry

By: Wednesday April 11, 2012 12:54 pm

I really highly recommend Paul Kiel’s new ebook “The Great American Foreclosure Story,” which focuses on the foreclosure crisis and the cascade of abuse piled on troubled borrowers by servicers. It looks at one foreclosure in particular, but uses it to stand in for the larger crisis in a really great way. One theme of [...]

Goldman Slapped on Wrist by Fed Over Robo-Signing

By: Thursday September 1, 2011 11:36 am

Now we know what that plea by Goldman Sachs to “end robo-signing” was all about. It wasn’t just the New York banking regulator, but the Federal Reserve which sanctioned Goldman over their foreclosure practices today. The Federal Reserve on Thursday sanctioned Goldman Sachs GS -3.08% over deficient practices involving residential mortgage loan servicing and foreclosure [...]

Banks Continue to Fabricate Documents, Commit Foreclosure Fraud

By: Thursday September 1, 2011 8:10 am

Goldman Sachs, Litton Loan Servicing and Ocwen Financial have agreed with a state regulator in New York to “end robosigning.” I’m not really sure what that means. First of all, Goldman sold Litton Loan Servicing to Ocwen, so I’m not sure why they are in this story at all, save for the name ID. Second, [...]

Goldman Sells Off Servicing Unit

By: Monday June 6, 2011 2:26 pm

I don’t know how Goldman Sachs managed this one, but they somehow got Ocwen to buy their mortgage servicing unit, despite multiple investigations into its conduct. Goldman Sachs has agreed to sell its Litton Loan mortgage servicing division to Ocwen Financial for $263.7m, in a deal that will end the bank’s shortlived but eventful foray [...]

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