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...In recent years it has been a buyer of competitors, including Homeward Residential Holdings, Litton Loan Servicing, and ResCap’s servicing business....
...It is the latest deal for Ocwen this year following the acquisition of servicing companies including Litton Loan Servicing from Goldman Sachs and Saxon Mortgage Servicers from Morgan Stanley....
...chief executive, Gary Cohn, president, and David Viniar, chief financial officer, were named as defendants in the so-called “shareholder derivative suit”, along with former director Rajat Gupta and Larry Litton...
...It will also require the bank to review tens of thousands of loan files to see if borrowers had homes wrongfully seized or if they were improperly denied loan restructurings....
...and foreclosure processing at its Litton Loan Servicing unit....
...The claims about Litton Loan were brought to the NY Fed’s attention by an employee letter seen by the FT....
...Lawsky, the three firms—Goldman, its Litton Loan Servicing business and Ocwen Financial Corp....
...A person familiar with the Goldman unit concerned, Litton Loan of Houston, Texas, said loans were denied without the proper review under a “denial sweep” strategy devised to clear a backlog of applications...
...In the meantime, Goldman is close to leaving the mortgage-servicing business with a sale of its Litton Loan unit to Ocwen due to be announced within days, reports Bloomberg....
...Goldman bought Litton Loan in December 2007 for $428m in a push to acquire troubled mortgages on the cheap and restructure the debts, but its hopes faded as fewer distressed loans came up for sale than expected...
...Goldman planned to buy distressed mortgages at a discount and restructure the loans through Litton....
...Goldman Sachs was down 3.5 per cent to $112.16 after writing down $53m of delinquent mortgage loans as part of a deal over mortgage and foreclosure practices at its former subsidiary Litton Loan Servicing...
...Goldman bought Litton Loan in December 2007 for $428m as part of a strategy to acquire troubled mortgages on the cheap and restructure the debts, but its hopes faded as fewer distressed loans came up for...
...Goldman Sachs is considering a sale of its Litton Loan mortgage-servicing division, a move that would potentially bring an end to the bank’s three-year foray into the business of collecting home loans and...
...practices at its former subsidiary Litton Loan Servicing....
...To fund the spin-off, and a $1.4bn payment to Northrop to cover outstanding inter-company loans and the loss of future earnings, Huntington has taken on about $1.9bn of debt....
...Goldman Sachs is considering a sale of its Litton Loan mortgage-servicing division, a move that would bring an end to the bank’s three-year foray into the business of collecting home loans and foreclosing...
...Goldman bought Litton Loan in 2007 for $428m as part of a strategy to acquire troubled mortgages on the cheap and restructure the debts, but its hopes faded as fewer distressed loans came up for sale than...
...Litton services about 320,000 subprime loans with an unpaid principal balance of $50bn. But profits eroded as a record number of borrowers stopped paying their loans....
...Goldman said that its Litton Loan Servicing division had recently resumed evictions and foreclosures after suspending these activities in the wake of an industry wide investigation....
...A regulatory filing also showed that Goldman Sachs is reviewing the practices of its Litton Loan Servicing unit and has temporarily suspended foreclosures in several states....
...The bank, along with other lenders, such as Bank of America, GMAC and Litton Loan Servicing – which is owned by Goldman – temporarily suspended foreclosures in October after finding that employees had approved...
...The bank, along with other lenders, such as Bank of America, GMAC and Litton Loan Servicing – which is owned by Goldman Sachs – temporarily suspended foreclosures in October after finding that employees...
...According to Moody’s Investors Service, Litton has retained the right to modify loans in 95 per cent of the securities backed by loans it services....
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