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Goldman Sachs Group Inc, Morgan Stanley, To Also Settle On Foreclosures; Bank of America Corp And Others In Settlement Discussions With Federal Reserve-Reuters


Tuesday, 8 Jan 2013 08:11pm EST 

Reuters reported that Goldman Sachs Group Inc and Morgan Stanley are among a group of banks expected to agree as soon as this week to a $1.5 billion settlement with federal regulators over botched foreclosure claims. The accord would come on the heels of a separate $8.5 billion settlement announced on Monday with 10 bigger mortgage servicers, including Bank of America Corp, Citigroup Inc, JPMorgan Chase & Co, Wells Fargo & Co. HSBC Holdings plc, Ally Financial Inc, EverBank Financial Corp and OneWest Bank FSB have also said they are in settlement discussions with the Federal Reserve and the Office of the Comptroller of the Currency. It is not clear how many of these banks are part of the $1.5 billion settlement that includes Goldman Sachs, Morgan Stanley and other relatively small mortgage servicers. Goldman and Morgan Stanley's respective roles in the settlement stems from mortgage-servicing businesses that the two investment banks purchased in the run-up to the subprime mortgage crisis, and have since sold. Goldman had owned Litton Loan Servicing LP and Morgan Stanley owned Saxon Capital Inc.