Unlike the settlement between Goldman, Ocwen and New York State, the large national servicers, including the five named above and HSBC , MetLife , PNC Financial Services , SunTrust , and U.S. Bancorp, are still facing monetary penalties from the Federal Reserve. The Fed has taken its time, and the regulator's penalties are likely to be included in a settlement between the mortgage servicers, the states and all the federal regulators, if the agonizing negotiations ever end.
So Goldman got off cheaply this time, coughing-up $13 million in principal reductions, while the company and Ocwen have agreed to do what they should have already been doing.
-- Written by Philip van Doorn in Jupiter, Fla.To contact the writer, click here: Philip van Doorn. To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.