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« Lee FINAL APPROVAL OF CLASS ACTION SETTLEMENT IS ON APPEAL. | Main | GOLDMAN FIGURES ON SETTLEMENT OF MORE MORTGAGE PRACTICES CLAIMS. »

January 24, 2016

BAD FAITH MORTGAGE PRACTICES SETTLEMENT FAR LESS THAN PUBLICLY ANNOUNCED.

Goldman Sachs announced that it settled claims which a task force of Federal and State regulators  might make against Goldman related to Goldman's marketing and sale of "faulty mortgage securities to investors."  The press dutifully reported Goldman's press release that Goldman settled for "up to $5 Billion."  See, e.g., Matthew Goldstein, "Dealbook Online / Goldman to Pay Up to $5 Billion to Settle Claims of Faulty Mortgages" (New York Times Online, posted on January 14, 2016); Ken Sweet Associated Press Copyrighted Report published in Washington Post Online, "Business / Goldman Sachs to Pay $5 Billion in Mortgage Settlement" (Online January 14, 2016).

Goldman's announcement disguised the true value which it put on the settlement.

It does not value this settlement anywhere near $5 Billion.

To be continued ….

Please Read The Disclaimer.  ©2016 by Dennis J. Wall, author of "Lender Force-Placed Insurance Practices" (American Bar Association 2015).  All rights reserved.

Posted by on January 24, 2016 at 06:12 PM in Current Affairs, Settlement Demands and Offers |

Tags: mortgages, practices, settlement

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