Goldman Sachs (NYSE: GS) Division Halts Foreclosures
Goldman Sach’s (NYSE: GS) mortgage-servicing business, Litton Loan Servicing LP, said that it will be halting some of its foreclosures to review how the documents are related to the cases are handled.
“Litton Loan Servicing has suspended foreclosure proceedings in certain cases while it completes a review of its procedures,” Donna Marie Jendritza, a spokeswoman for Litton, said in an e-mailed statement to the press.
Goldman Sachs spokesman Michael DuVally declined to comment to the press.
A number of other major financial companies, including Bank of America, JPMorgan Chase and Ally Financial have all imposed either partial or full halts to foreclosures while they review their documentation review processes.
The Goldman Sachs Group, Inc. (Goldman Sachs) is a bank holding and a global investment banking, securities and investment management company. The Company provides a range of financial services to customers, including corporations, financial institutions, governments and high-net-worth individuals. Its depository institution subsidiary, Goldman Sachs Bank USA (GS Bank USA), is a New York State-chartered bank. It operates in three segments: Investment Banking, Trading and Principal Investments and Asset Management and Securities Services. In March 2010, the Company’s subsidiaries sold the La Francia mine and related infrastructure assets, including Concession 5160, and Adromi Capital Corp., the holder of the La Francia II concession, to a subsidiary of The Goldman Sachs Group, Inc. In May 2010, Nexen Inc. sold its natural gas trading operations to a unit of The Goldman Sachs Group, Inc.
Shares of GS is traded up 1.03% during mid-day trading on Friday.