Goldman Sachs Suspends Foreclosures In Some States

(By Maria Aspan and Maureen Bavdek) - Goldman Sachs Group Inc's mortgage servicing unit has suspended evictions and foreclosures in some states, according to a regulatory filing on Tuesday.

Goldman has been reviewing the practices of its Litton Loan Servicing unit after regulators and states attorneys general asked for information about its practices, as part of an industry-wide probe into banks' foreclosure practices, the firm said.

"Litton has temporarily suspended evictions and foreclosure and real estate owned sales in a number of states, including those with judicial foreclosure procedures," Goldman said in a filing with the U.S. Securities and Exchange Commission on Tuesday.

Goldman said it has not found evidence of any foreclosures that were unwarranted, and that it does not expect its foreclosure suspension "to lead to a material increase in its mortgage servicing-related advances."

Goldman's shares were up less than 1 percent at $170.44 in mid-morning trading on the New York Stock Exchange.

(Reporting by Maria Aspan, editing by Maureen Bavdek)

Copyright 2010 Thomson Reuters. Click for Restrictions.

Comments

[RightToCancel]

06:12 PM on 11/30/2010

Commercial law which is uniform worldwide and governs commercial transactions and contracts:
UCC 3-104(e) An instrument is a "note" if it is a promise and is a "draft" if it is an order. If an instrument falls within the definition of both "note" and "draft," a person entitled to enforce the instrument may treat it as either.

UCC 9-102(65) "Promissory note" means an instrument that evidences a promise to pay a monetary obligation, does not evidence an order to pay, and does not contain an acknowledgment by a bank that the bank has received for deposit a sum of money or funds.

NOW what all this mean?? When was the last time you checked your ORGINAL note??

[RightToCancel]

06:11 PM on 11/30/2010

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We have only seen the tip of the mortgage crisis. The scariest part currently of this crisis is that people are losing hope, The common consensus is "why bother...the bank doesn't care...why should I? I will just go rent." The American dream has gone from aspiring to own your own home to just hoping to keep your home. http://righttocancel.com/
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[theaetetus]

09:36 PM on 11/15/2010

foreclosure crisis brought to you by people above the law in the finance industry

[InLosAngeles]

11:35 AM on 11/10/2010

That's because in some states the paperwork requirements are more stringent. That's why all of these companies have "halted" foreclosures in some states. They just can't get them through the system w/o original or missing docs, as they can in other states.

[truthfinderddw]

05:12 AM on 11/10/2010

Goldman Sachs your Forclosure process is no different than any of your counterparts. When all is said and done you will have to cover yourself with the Fraud blanket. None of you will have to do jail time, but your Fraud game will be exposed for now.

[WonderingNThinking]

03:05 AM on 11/10/2010

I'm sure Gold manSachs is doing this to make their balance sheets look better.

[avg american]

12:58 AM on 11/10/2010

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[avg american]

12:57 AM on 11/10/2010

I just saw the documentary, Inside Job http://www.sonyclassics.com/insidejob/ and tomorrow I am going to buy some more tickets to the documentary.

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The absolute corruption of our government or the fact that there were 14 people in the theater.

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[29bela]

02:08 AM on 11/10/2010

Thank you!

[ncconcernedcitizen]

10:20 PM on 11/09/2010

The need a few days to get their bribes in order.

[Saidas]

08:36 PM on 11/09/2010

"Goldman Sachs Suspends Foreclosures In Some States - Buys States Instead"

[alreadybad]

09:39 AM on 11/10/2010

LOL, loved it, should be late show liner! F&F.

[Tiggy]

08:35 PM on 11/09/2010

Must mean...the bonuses are coming the bonuses are coming...

[USNDC]

07:22 PM on 11/09/2010

Structural defects in the mortgage securitization process threaten Banks, Investment Bankers, and Fannie Mae & Freddie Mac ... or the Federal Government.

That is why our government ... lead by Barack Obama ... refuse to intervene in this chaos ... and are even willing to turn their heads as the legal process is abused in favor the the Banks.

Your government is with them ... not you.

[helen]

05:41 PM on 11/09/2010

Make them show the original note. Otherwise, tough cookies Goldman.

[Longtimeliberal]

05:35 PM on 11/09/2010

They join a list of others who need to be broken up.

[ncconcernedcitizen]

10:21 PM on 11/09/2010

Does that include Cheney's knees?

[chasmader]

01:05 PM on 11/10/2010

This lies at the heart of the mess. Most states require the original, physical note be produced before a foreclosure can occur.

What I'm hearing is that in the past decade the industry tried to go paper-less in an effort to save processing costs when the loans were written. The big elephant in the room is that many of these notes have long been shredded. That's why the banks tried to sneak that bill through last month that would have allowed banksters to "recreate" (in layman's terms, forge) notarized documents.

[Bigidea]

05:00 PM on 11/09/2010

Goldman Sachs should be suspended in all states IMHO