Goldman Sachs Group Inc. (GS) agreed to pay future Federal Reserve penalties and write down $53 million of mortgage loans in New York to gain approval for its sale of Litton Loan Servicing LP.
The Fed ordered Goldman Sachs to conduct an independent review of Litton’s foreclosures in 2009 and 2010 to address a “pattern of misconduct and negligence,” the regulator said today in a statement. Litton’s sale to Ocwen Financial Corp. (OCN) was completed today after reaching accords with the Fed and New York state regulators, according to a Goldman Sachs statement.
Full story: Goldman Sachs Sets Pact With Fed, N.Y. to Complete Litton Sale – Bloomberg.
