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$3.1 Billion Paid In Goldman Sachs Mortgage Settlement

Mortgage News > $3.1 Billion Paid In Goldman Sachs Mortgage Settlement
Date: 08/29/2014    $3.1 Billion Paid In Goldman Sachs Mortgage Settlement

The Federal Housing Finance Agency  filed a lawsuit in 2011 against Goldman Sachs claiming Goldman  unloaded low quality mortgage bonds onto Fannie Mae and Freddie Mac. 3 years later Goldman is settling the case paying $3.15 billion, a reported $1.2 billion more than the bonds original worth.

Goldman’s response to the FHFA filed suit was they did all it could to review the bonds sold to both Fannie Mae and Freddie Mac; however The New York Time’s reported FHFA lawyers found evidence that Goldman was in fact aware of the weaknesses in the subprime market but passed the bonds on anyway.  The Time’s also reported Sachs has faced similar accusations in unrelated law suits.

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