Released by the Board of Governors of the Federal Reserve System
The Federal Reserve Board on Thursday announced a formal enforcement action against the Goldman Sachs Group, Inc. and Goldman Sachs Bank USA to address a pattern of misconduct and negligence relating to deficient practices in residential mortgage loan servicing and foreclosure processing involving its former subsidiary, Litton Loan Servicing LP.
Goldman Sachs sold Litton to Ocwen Financial Corporation on September 1, 2011 and has ceased to conduct residential mortgage servicing. Litton is the 23rd largest mortgage servicer in the United States.
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Related reading:
Goldman Sachs Sells Litton Mortgage Unit, With 2 Reprimands From Regulators
The Huffington Post (1 Sept 11)
