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THE DEFRAUDING INVESTORS COSTS GOLDMAN SACHS $5 BILLION (GS.N)

petrolglobalnews24.com | February 24, 2017

By Robert B. Voyd

Goldman Sachs Group Inc. has reached an agreement to pay a multi-billion dollar settlement to resolve claims that the company defrauded investors in the years leading up to the 2008 financial crisis. The company was accused of misleading mortgage bond investors in the packaging, securitization, marketing and sale of residential mortgage-backed securities between 2005 and 2007, specifically failing to properly vet mortgage-backed securities before selling them as high-quality debt. Investors lost billions of dollars on securities bought during the period.

The U.S. Department of Justice announced that the company has agreed to pay $5.06 billion to settle the claims. The company will pay a $2.385 billion civil penalty and $1.8 billion in relief to homeowners whose mortgages exceed the value of their property and distressed borrowers. Goldman has also agreed to pay $875 million to resolve claims by the New York and Illinois attorneys general, the National Credit Union Administration and the Federal Home Loan Banks of Chicago and Seattle.

The Justice Department has been criticized for years over the lack of significant cases brought against banks and their executives for creating and selling subprime mortgage bonds that helped spur the 2008 financial crisis. Just like in past settlements, no individual bankers at Goldman Sachs have been charged with wrong doing. The Justice Department said that the announced settlement does not prevent the government from bringing criminal charges against Goldman and does not release any individuals from potential criminal or civil liability.

Goldman Sachs originally announced details of the settlement in January. The bank has already provisioned for most of the charges, setting aside $1.95 billion for legal and litigation expenses in the fourth quarter. The company has set aside a total of $4.01 billion for all of 2015. Michael DuVally, a company spokesman, said in an e-mailed statement, “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.”

 

 

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea�it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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