{"id":1183,"date":"2013-01-16T13:20:21","date_gmt":"2013-01-16T13:20:21","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/01\/morgan_stanley_goldman_sachs_s"},"modified":"2022-03-10T09:14:50","modified_gmt":"2022-03-10T15:14:50","slug":"morgan-stanley-goldman-sachs-s","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/morgan-stanley-goldman-sachs-s\/","title":{"rendered":"Morgan Stanley & Goldman Sachs Settle Federal Homeowner Foreclosure Complaints for $557 Million"},"content":{"rendered":"

\t\t\t\tGoldman Sachs (GS) and Morgan Stanley (MS)<\/a> have agreed to collectively pay $557M to settle complaints accusing them of wrongfully foreclosing on homeowners. Under their respective agreements with the Federal Reserve, Morgan Stanley will pay $227M while Goldman will pay $330M. <\/p>\n

Approximately 220,000 people who lost their homes due to “robo-signing” and other abuses could receive compensation as a result. Per the agreement with the two investment banks, they will pay $232 million in cash to compensate homeowners. This will conclude the loan files review against the two banks that were ordered in 2011. Cash payments will vary and may go as high as $125,000 to borrowers whose homes foreclosed in 2009 and 2010. $325M will go toward lowering mortgage balances and forgiving outstanding principal on home sales that made less than what borrowers owed on mortgages. <\/p>\n

The deals stuck by Morgan Stanley and Goldman Sachs is similarly structured to the $8.5B one reached last week with JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), PNC Financial Services (PNC), MetLife Bank (MET), SunTrust (STI), Sovereign (SOV), Aurora, and US Bank. They are paying 3.8 million homeowners approximately $3.3 billion to conclude the foreclosure review. $5.2 billion is for forgiveness of principal and mortgage modifications. Ally Financial and HSBC are in talks to work out similar settlements. The Fed reports that now, over 4 million borrowers will receive cash compensation. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Goldman Sachs (GS) and Morgan Stanley (MS) have agreed to collectively pay $557M to settle complaints accusing them of wrongfully foreclosing on homeowners. Under their respective agreements with the Federal Reserve, Morgan Stanley will pay $227M while Goldman will pay $330M. Approximately 220,000 people who lost their homes due to “robo-signing” and other abuses could […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3754,3787],"tags":[],"class_list":["post-1183","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-goldman-sachs-1","category-morgan-stanley"],"yoast_head":"\nMorgan Stanley & Goldman Sachs Settle Federal Homeowner Foreclosure Complaints for $557 Million — Investor Lawyers Blog — January 16, 2013<\/title>\n<meta name=\"description\" content=\"Goldman Sachs (GS) and Morgan Stanley (MS) have agreed to collectively pay $557M to settle complaints accusing them of wrongfully foreclosing on — January 16, 2013\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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