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Goldman Sachs hit with $5 billion settlement

Jaclyn Jaeger | April 18, 2016

The Justice Department last week announced a $5 billion settlement with banking giant Goldman Sachs to resolve claims related to its packaging, securitization, marketing, sale, and issuance of residential mortgage-backed securities.

The resolution requires Goldman to pay $2.4 billion in a civil penalty under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) and also requires the bank to provide $1.8 billion in other relief, including relief to underwater homeowners, distressed borrowers and affected communities, in the form of loan forgiveness and financing for affordable housing. 

Goldman will also pay $875 million to resolve claims by other federal entities and state claims, including:

  • $575 million to settle claims by the National Credit Union Administration;
  • $37.5 million to settle...
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