Goldman, Morgan Stanley pay $557M in mortgage case
Posted:
Updated:
WASHINGTON (AP) -- Goldman Sachs and Morgan Stanley will pay a combined $557 million to settle federal complaints that they wrongfully foreclosed on homeowners who should have been allowed to stay in their homes.
The agreements announced Wednesday with the Federal Reserve were similar to deals struck earlier this month with 10 other major banks and mortgage lenders. Combined, the 12 firms will pay more than $9 billion.
The settlements could compensate hundreds of thousands of Americans whose homes were seized because of abuses such as "robo-signing," when banks automatically signed off on foreclosures without properly reviewing documents. The agreement will also help eliminate huge potential liabilities for the banks.
Consumer advocates say regulators settled for too low a price by letting banks avoid full responsibility for foreclosures that victimized families.
Thursday, May 23 2013 10:17 PM EDT2013-05-24 02:17:32 GMT
New Jersey officials have seized inventory and demanded records from 29 bars and restaurants, nearly half of them TGI Fridays, that they say sold low-quality liquor to patrons who thought they were buying premium brands.
New Jersey officials have seized inventory and demanded records from 29 bars and restaurants, nearly half of them TGI Fridays, that they say sold low-quality liquor to patrons who thought they were buying premium brands.
Thursday, May 23 2013 1:43 PM EDT2013-05-23 17:43:15 GMT
Kerry Kennedy has joined farmworkers protesting outside Wendy's shareholder meeting in Manhattan.
Kerry Kennedy has joined farmworkers protesting outside Wendy's shareholder meeting in Manhattan. The protesters said Thursday they want Wendy's to sign an agreement to safeguard working conditions for Florida tomato pickers.
Thursday, May 23 2013 11:39 AM EDT2013-05-23 15:39:41 GMT
Average rates on fixed mortgage rose for the third straight week, hitting their highest levels since mid-March. Still, mortgage rates remained close to historic lows, a trend that should help sustain the housing recovery.
Average rates on fixed mortgage rose for the third straight week, hitting their highest levels since mid-March. Still, mortgage rates remained close to historic lows, a trend that should help sustain the housing recovery.
Wednesday, May 22 2013 10:21 PM EDT2013-05-23 02:21:55 GMT
Cooking used to be as simple as putting heat to meat…but not anymore. There are all sorts of high tech gadgets designed to help make our lives simpler and tastier.
Cooking used to be as simple as putting heat to meat…but not anymore. There are all sorts of high tech gadgets designed to help make our lives simpler and tastier.
Wednesday, May 22 2013 2:35 PM EDT2013-05-22 18:35:57 GMT
When it comes to breaking through to the other side, forget Victoria's Secret. Another company, Australia-based HommeMystere, has already done it with lingerie for men.
When it comes to breaking through to the other side, forget Victoria's Secret. Another company, Australia-based HommeMystere, has already done it with lingerie for men.
Wednesday, May 22 2013 10:04 AM EDT2013-05-22 14:04:00 GMT
Chairman Ben Bernanke is telling Congress that the U.S. job market remains weak and that it is too soon for the Federal Reserve to end its extraordinary stimulus programs.
Chairman Ben Bernanke is telling Congress that the U.S. job market remains weak and that it is too soon for the Federal Reserve to end its extraordinary stimulus programs.
Tuesday, May 21 2013 5:25 PM EDT2013-05-21 21:25:20 GMT
Gov. Andrew Cuomo and St. Regis Mohawk tribal leaders have signed an agreement to ensure the Mohawks keep their exclusive casino territory in northern New York while paying the state $30 million in gambling
Gov. Andrew Cuomo and St. Regis Mohawk tribal leaders have signed an agreement to ensure the Mohawks keep their exclusive casino territory in northern New York while paying the state $30 million in gambling
Tuesday, May 21 2013 5:21 PM EDT2013-05-21 21:21:42 GMT
Revel is bankrupt no more. The struggling Atlantic City casino formally emerged from bankruptcy court on Tuesday, just 13 months after it opened with sky-high hopes.
Revel is bankrupt no more. The struggling Atlantic City casino formally emerged from bankruptcy court on Tuesday, just 13 months after it opened with sky-high hopes.
