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Goldman Sachs Reaches $5.06 Billion Settlement
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Goldman Sachs

Summary: For their actions during the financial crisis of 2007 to 2009, the Goldman Sachs Group will pay $5.06 billion to settle claims.

To settle claims of misleading mortgage bond investors during the 2007 to 2009 financial crisis, Goldman Sachs Group Inc. will pay $5.06 billion. The U.S. Department of Justice says the settlement was announced in January for their actions in packaging, securitizing, marketing, and selling residential mortgage-backed securities during the crisis.

  
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Read Goldman Sachs’ Profits Hurt by Litigation Costs to learn more.

Billions of dollars in losses were felt by investors during the two years for securities bought. The settlement is made up of a $2.385 billion civil penalty and $1.8 billion in relief for homeowners that had mortgages go above the value of their property and distressed borrowers. Goldman will also pay $875 million for a claim brought by the New York and Illinois attorneys general, the Federal Home Loan Banks of Chicago and Seattle, and the National Credit Union Administration.

Read Goldman Sachs to Pay $1.1 Billion to Settle Claims with Federal Housing Finance Agency.

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A state and federal working group, formed to investigate any wrongdoing of the pre-financial crisis, negotiated the settlement. The group also reached settlements with other financial institutions including a $13 billion for J.P. Morgan Chase, $16.6 billion for the Bank of America, $7 billion for Citibank, and $3.2 billion for Morgan Stanley.

See Goldman Sachs at Risk of Facing Civil Lawsuit.



Goldman released a statement saying, “We are pleased to put these legacy matters behind us. Since the financial crisis, we have taken significant steps to strengthen our culture, reinforce our commitment to our clients, and ensure our governance processes are robust.”

Source: http://www.reuters.com/article/us-goldman-sachs-mbs-settlement-idUSKCN0X81TI

Photo: paymentweek.com



 

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