New York reaches $53 million agreement with Goldman Sachs on robo-foreclosure compensation

[banned from Kos]

http://www.bloomberg.com/news/2011-09-01/goldman-sachs-ocwen-reach-accord-with-new-york-state-to-end-robo-signing.html

"Goldman Sachs agreed to reduce $53 million of unpaid principal from delinquent borrowers in New York state and Ocwen and Litton agreed to make staffing and training changes to prevent robo-signing, in which foreclosure documents were automatically signed without personal verification of the contents, according to a statement today from the New York State Department of Financial Services."


It appears New York will continue to seek individual remedies for state residents harmed by mortgage servicing screw-ups. Goldman is now out of the business effective today. They bought Litton in 2007 and lost millions on the deal.