Investment banking firm Goldman Sachs finalized a settlement first announced earlier this year, stating that it has agreed to settle federal and state investigations probes concerning the sale of toxic residential mortgage-backed securities in the time leading up to the financial crisis.
Goldman Sachs has agreed to pay a 5 point 06 billion dollar settlement in regard to its conduct in the packaging, securitization, marketing, sale, and issuance of residential mortgage-backed securities between 2005 and 2007. Michael DuVally, a spokesman for Goldman Sachs told MReport Quote We are pleased to put these legacy matters behind us. Since the financial crisis, we have taken significant steps to strengthen our culture, reinforce our commitment to our clients, and ensure our governance processes are robust Close Quote.
The U.S. housing crisis began over eight years ago, but its effects can still be felt throughout the mortgage industry. However, a recent report may have just provided the solution to this ongoing issue. Millions of tax revenue dollars could be saved in cities if attorneys helped renters fight landlords in legal battles, according to a recent report. The New York City Bar Association says that the solution to a homelessness crisis that has accompanied the drop in affordable housing is to hire more lawyers.