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Goldman Sachs Group Inc and Morgan Stanley to Pay $557 Million in Foreclosure Settlement-NYT


Thursday, 17 Jan 2013 10:23am EST 

The New York Times reported that Goldman Sachs Group Inc 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. Goldman will pay $330 million. Morgan Stanley is paying $227 million. Under the settlement, Goldman and Morgan Stanley will pay a combined $232 million in cash compensation to homeowners to end an independent review of loan files required under a 2011 action by the Fed and the Office of the Comptroller of the Currency. The remaining $325 million will be used to reduce mortgage balances and to forgive outstanding principal on home sales that generated less than borrowers owed on their mortgages. 

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