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APNewsBreak: Major firms agree to mortgage reforms

APNewsBreak: NY says Morgan Stanley, other major firms agree to mortgage practice reforms By The Associated Press

ALBANY, N.Y. (AP) ' New York's financial services superintendent says more national mortgage companies are agreeing to new practices aimed at protecting borrowers.

Superintendent Benjamin Lawsky says Morgan Stanley, Saxon American Home Mortgage and Vericrest Financial are agreeing to end several practices.

The practices include "robo-signing" in which affidavits state documents were reviewed when they weren't. Another practice that's now changed is sending borrowers directly into foreclosure even when they are trying to modify their loans to save their houses.

Lawsky says this is the same agreement previously agreed to by Goldman Sachs Bank, Ocwen Financial, and Litton Loan Servicing.

Lawsky says the agreements go a long way to clean up what he calls troubling practices in the mortgage industry.

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