Federal Reserve announces formal enforcement action against the Goldman Sachs Group, Inc. and Goldma

[Donnachaidh]

http://www.opednews.com/articles/Federal-Reserve-announces-by-Press-Release-110901-420.html

Release Date: September 1, 2011
For immediate release

The Federal Reserve Board on Thursday announced a formal enforcement action against the Goldman Sachs Group, Inc. and Goldman Sachs Bank USA to address a pattern of misconduct and negligence relating to deficient practices in residential mortgage loan servicing and foreclosure processing involving its former subsidiary, Litton Loan Servicing LP.

Goldman Sachs sold Litton to Ocwen Financial Corporation on September 1, 2011 and has ceased to conduct residential mortgage servicing. Litton is the 23rd largest mortgage servicer in the United States.

The action orders Goldman Sachs to retain an independent consultant to review foreclosure proceedings initiated by Litton that were pending at any time in 2009 or 2010. The review is intended to provide remediation to borrowers who suffered financial injury as a result of wrongful foreclosures or other deficiencies identified in a review of the foreclosure process. The foreclosure review will be conducted consistent with the reviews currently underway at the 14 large mortgage servicers that consented to enforcement actions brought by the banking agencies on April 13, 2011.

More at the link --

[DJ13]

1. Slap on the wrist

If theres evidence of misconduct shouldnt the DOJ be prepping criminal complaints as well?

[indepat]

2. Nah, the Feds don't deal with the Goldmans of the wall street world in such

a non-chivalrous manner. :patriot:

[dixiegrrrrl]

3. This 2008 article exposing Goldman Sachs' capture of government, is VERY relevant.

How Goldman Sachs took over the world

Whether it's a credit crunch to fix or an Olympics to plan, the list of Goldman Sachs alumni is sure to have a candidate.
It is an old-boy network that has created a revolving door between the firm and public office, greased by the mountains of money the company is generating even today, as its peers buckle and fall.

Almost whatever the country, you can find Goldman Sachs veterans in positions of pivotal power.

Details, including the influence on Pres. Obama's office:
( and this was just up to 2008, remember)

http://www.independent.co.uk/news/business/analysis-and-features/how-goldman-sachs-took-over-the-world-873869.html