You can now read 10 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

The Boston Globe

Business

Firms settle US mortgage inquiry

Goldman Sachs, Morgan Stanley to pay $557m

WASHINGTON — Goldman Sachs and Morgan Stanley agreed to offer a $557 million package of cash and other assistance for mortgage borrowers to settle a federal inquiry into accusations that the banks improperly seized homes.

The sum includes $232 million in direct payments to more than 220,000 borrowers and $325 million in assistance such as loan modifications, the Federal Reserve said in a statement. Eric Kollig, a Fed spokesman, declined to say how much each of the New York-based firms will pay.

Loading comments...

You have reached the limit of 10 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week