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Fed Fines 5 Big Banks $35 Million for Foreclosure, Mortgage-Servicing Issues

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01/12/2018 | 05:16pm CET
By Ryan Tracy 

WASHINGTON -- The Federal Reserve fined five big banks $35.1 million for issues related to financial-crisis-era mortgage servicing and foreclosures, while also moving them out of the penalty box for what it said was a "substantial improvement" in their practices.

The fines relate to deficiencies regulators saw in the wake of a meltdown in the U.S. housing market around the 2008-09 financial crisis. Goldman Sachs Group Inc. was fined $14 million, Morgan Stanley $8 million, CIT Group Inc. $5.2 million, U.S. Bancorp $4.4 million and PNC Financial Services Group Inc. $3.5 million.

Separately, the Fed said it was terminating enforcement actions against those five firms as well as five others: Ally Financial Inc., Bank of America Corp., HSBC Holdings PLC's U.S. unit, JPMorgan Chase & Co. and SunTrust Banks Inc.

The 10 firms had been slapped with enforcement actions in 2011 and 2012 for what the Fed said were "deficiencies in residential mortgage loan servicing and foreclosure processing." The Fed said the firms have made "substantial improvement" in their practices.

Separately, the Fed penalized Goldman Sachs $90,000 for violations related to the National Flood Insurance Act.

Write to Ryan Tracy at [email protected]

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