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Morgan Stanley, Goldman Sachs pay $557 million to end foreclosure reviews

Morgan Stanley, Goldman Sachs pay $557 million to end foreclosure reviews

 

By Kerri Ann Panchuk

• January 16, 2013 • 12:15pm

Morgan Stanley   ($20.54 0.11%) and Goldman Sachs   ($141.09 5.5%) became the latest banks to sign an accord with federal regulators to end the long process of reviewing past foreclosures for document processing errors.

The two investment banks agreed to pay $557 million in cash payments and other assistance to borrowers in exchange for ending costly and inefficient foreclosure reviews, according to the Federal Reserve.

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