SEC Charges Home Loan Servicing Solutions for Misstatements and Inadequate Internal Controls

The Securities and Exchange Commission today charged Home Loan Servicing Solutions Ltd. (HLSS) for making material misstatements about its handling of related party transactions and the value of its primary asset and for having inadequate internal accounting controls. Cayman Islands-based HLSS agreed to pay a $1.5 million penalty to settle the SEC's charges and agreed to cease and desist from disclosure and books and recordkeeping violations. According to the SEC's order instituting a settled administrative proceeding, HLSS misstated its handling of transactions with related parties,......(read more)

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