Goldman Sachs stops foreclosures in some states

By Reuters
Posted Nov. 9, 2010 at 11:32 a.m.

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.

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