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Volume 2014 - Number 27

July 11, 2014

Fed Issues Action Plans for Goldman Sachs, Morgan Stanley to Improve Oversight of Third-Party Servicers

The Federal Reserve has released action plans for Goldman Sachs and Morgan Stanley to correct deficiencies in the firms’ risk management procedures for third-party mortgage servicers. The plans were a requirement under enforcement actions issued by the Fed and the Office of the Comptroller of the Currency between April 2011 and April 2012 against 16 mortgage servicers, including Goldman Sachs and Morgan Stanley. The servicers came under scrutiny for deficient servicing practices and foreclosure procedures, and later settled with the government. Morgan Stanley’s regulatory action plan supplements...

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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.

 

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