Fed fines 5 banks over mortgage servicing

The Federal Reserve settled five mortgage servicing cases by issuing $35 million in fines to banks that were cited for flawed services. The move ends enforcement actions from the dating back to 2011 and 2012 involving five other banks have already paid similar fines, Reuters reported. The five banks issued fines on Friday are Goldman Sachs, Morgan Stanley, CIT Group, US Bancorp and PNC Financial. Goldman Sachs will pay the largest fine at $14 million. […]

Source: Real Estate

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