Goldman Sachs making progress on mortgage settlements

by Steve Randall02 May 2017
Progress continues to be made on the $1.8 billion in relief that Goldman Sachs is making to consumers following the mortgage-related settlements with the US Department of Justice and three states.

A report from independent monitor Professor Eric D. Green shows that the lender has paid more than a third of the total agreed on April 11, 2016 regarding the marketing, structuring, arrangement, underwriting, issuance and sale of mortgage-based securities.

"I am pleased to be able to confirm that Goldman Sachs continues to make steady progress toward meeting its obligation," Professor Green said.

In the most recent period, Goldman Sachs received conditional approval of consumer-relief credit of $240 million for donations to facilitate the construction, rehabilitation or preservation of affordable low-income rental or for-sale housing in seven states. The Monitor's team also validated $10,601,593 of credit for extinguishment or forgiveness of unsecured debt.

The total amount of the settlement agreed for Goldman Sachs with the Justice department, California, Illinois, New York, the National Credit Union Administration Board and the Federal Home Loan Banks of Chicago and Des Moines, was $5.06 billion.

The consumer-relief is to be distributed by January 31, 2021.


More market update:
HELOC owners face sharp payment increases in 2017
Home sellers show increased confidence

More market update:

Poll

Should CFPB have more supervision over credit agencies?