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Goldman Sachs to pay $5 billion in mortgage settlement

1 year 4 months 1 week ago January 14, 2016 Jan 14, 2016 Thursday, January 14 2016 January 14, 2016 6:03 PM in News
Source: Associated Press
By: Ken Sweet

NEW YORK - Goldman Sachs has reached a $5 billion settlement as part of a federal and state probe into its role in the sale of mortgages in the years leading up into the housing bubble and subsequent financial crisis.

Goldman will pay $2.39 billion in civil monetary penalties, $875 million in cash payments and provide $1.8 billion in consumer relief in the form of mortgage forgiveness and refinancing. The settlement, announced late Thursday, was reached between Goldman and the U.S. Department of Justice, the attorneys general of Illinois and New York and other regulators.

Goldman has been one of the last banks to settle with regulators for its role in the financial crisis. Bank of America, JPMorgan Chase and others all reached substantial settlements in 2014 and 2015.

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