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Now Goldman Sachs Is Freezing Foreclosures

Monday, 11 Oct 2010 | 4:47 PM ET

One by one, the foreclosure mills are grinding to a halt.

The Goldman Sachs booth on the floor of the New York Stock Exchange
Getty Images
The Goldman Sachs booth on the floor of the New York Stock Exchange

Today Goldman Sachs said that its mortgage servicing unit, Litton Loan Sevicing LP, will halt some of its foreclosures. It is reviewing how its documents are handled.

“Litton Loan Servicing has suspended foreclosure proceedings in certain cases while it completes a review of its procedures,” Litton said in an e-mailed statement to the press.

Zerohedge predicted that every major mortgage servicer will suspend foreclosures by the end of the week. That looks like a prescient call to us.

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