The sum paid by Goldman Sachs and Morgan Stanley includes $232 million in direct payments to eligible borrowers and $325 million in other assistance, such as loan modifications and forgiveness of deficiency judgments. More than 220,000 borrowers whose homes were in foreclosure in 2009 and 2010 with the former subsidiaries of Goldman Sachs (Litton Loan Servicing LP) and Morgan Stanley (Saxon Mortgage Services, Inc.) will receive cash compensation under the agreements in principle. Eligible borrowers are expected to receive compensation ranging from hundreds of dollars up to $125,000, depending on the type of possible servicer error.
Thursday, January 17, 2013
FRB: Press Release--Federal Reserve Board reaches agreements in principle with Goldman Sachs and Morgan Stanley
FRB:
Press Release--Federal Reserve Board reaches agreements in principle
with Goldman Sachs and Morgan Stanley to provide $557 million in
payments and other mortgage assistance to borrowers--January 16, 2013
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