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Fed Fines 5 Banks $35M To Wrap Mortgage Servicing Claims

Law360, New York (January 12, 2018, 3:36 PM EST) -- The Federal Reserve on Friday fined five banks, including Goldman Sachs Group Inc. and Morgan Stanley, a total of $35.1 million to close out an enforcement action over their foreclosure crisis era mortgage servicing practices.

Along with the five banks that were hit with fines, five more banks saw their enforcement actions over mortgage servicing problems terminated, bringing to an end an enforcement action cycle that began in 2011 and 2012 over what the Fed called “deficiencies in residential mortgage loan servicing and foreclosure processing.”...
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