Goldman Sachs and Morgan Stanley have agreed to pay $557 million in cash payments and other assistance to help mortgage borrowers.
The payout is part of an agreement the two banks reached with the Federal Reserve Board as a result of enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing.
Previously, the Office of the Comptroller of the Currency and Fed reached agreements with 10 additional big banks. Including Goldman Sachs and Morgan Stanley, the regulators have provided more than 4 million borrowers with a total of $3.5 billion in cash compensation, while an additional $5.5 billion will be provided by the servicers for mortgage assistance.
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