Goldman Sachs has said it will pay $5.06bn to resolve civil claims related to the firm’s securitization, underwriting and sale of residential mortgage-backed securities from 2005 to 2007.The agreement with regulators will reduce earnings for the fourth quarter by about $1.5bn after tax, Goldman said in a statement.
The Wall Street bank, which is expected to report fourth-quarter earnings next week, said it will pay a $2.385bn civil monetary penalty, make $875m in cash payments and provide $1.8bn in consumer relief.
The bank will offer a reduction in unpaid principal for affected homeowners and borrowers, financing for construction and debt support, among other things.
The agreement in principle will resolve actual and potential civil claims by the US Department of Justice, the New York and Illinois attorney generals, the National Credit Union Administration and the federal home loan Banks of Chicago and Seattle, the company said.
CFLA is a reputable firm with experience litigating against mortgage lenders, securitizers, trusts and servicers who can confirm whether Goldman Sachs was involved in their securitization and help them recover their share of that settlement.
CFLA has a list of trusts that were associated with the Goldman Sachs securitization applicable to this lawsuit and settlement is available at CFLA.
CFLA pioneered the entire industry of mortgage securitization auditing and our experts are the leading experts in the field of mortgage securitization, research, and training.
Call us today at 888-758-2352 or 310-432-6304 to see if your mortgage was part of this settlement and if you may be entitled to relief.
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