Goldman Sachs Settlement Press Conference 5/11/09

Attorney General Martha Coakleys Office announced that it has reached a settlement agreement with Goldman Sachs & Company (Goldman), stemming from the offices investigation of subprime lending and securitization markets. The Attorney Generals Office has been investigating the role of investment banks in the origination and securitization of subprime loans in Massachusetts, leading to todays settlement. To resolve any potential claims stemming from the Attorney Generals investigation, Goldman has agreed to provide loan restructuring valued at approximately $50 million to Massachusetts subprime borrowers. The loan restructuring program is designed to enable borrowers to replace problem loans with new, more affordable loans that take into account the current value of their properties. Goldman has also agreed to make a $10 million payment to the Commonwealth, and will continue to cooperate with the Attorney General in her ongoing investigation of industry practices.

Category:

News & Politics

Tags:

• predatory
• lending
• foreclosure
• massachusetts
• attorney
• general
• martha
• coakley
• press
• conference
• goldman
• sachs