Foreclosure moratoriums are apparently the hottest fad since hula hoops or slap bracelets. And as with all fads, the dominance of this new trend could only be truly known when the cool kids started doing it. Well, that moment is upon us: Goldman Sachs (GS) has now gotten in on the foreclosure-suspension madness.
Already honored with internet-meme status, the movement to halt foreclosures has now reached a new high. Litton Loan Servicing, Goldman’s mortgage-servicing business, now joins mortgage big boys Bank of America, GMAC (part of Ally), PNC and JPMorgan Chase. Unlike BofA, which has taken its moratorium coast to coast, Goldman is suspending only some of its foreclosures.
“Litton Loan Servicing has suspended foreclosure proceedings in certain cases while it completes a review of its procedures,” Donna Marie Jendritza, a spokeswoman for Litton, said in an e-mailed statement to the press.
If Goldman’s in on the foreclosure suspension game, it’s hard to imagine anyone who would be immune.