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Goldman Sachs Hits 71% Of $1.8B For Consumer-Relief Under Mortgage Settlements

Goldman Sachs is well on its way to fulfilling the $1.8 billion in consumer-relief to honor its two mortgage-backed-securities settlement. The company has reportedly completed 71% of the settlement with the U.S. Department of Justice and three states.

"In his tenth report on the Goldman Sachs settlement announced today, Professor Eric D. Green approved settlement credit for Goldman Sachs' forgiveness of first-lien principal on 794 loans and extinguishment of another 58 second-lien loans, bringing Goldman Sachs' cumulative consumer-relief credits under the settlements to a total of more than $1.25 billion," according to a recent press release.

"The latest increment brought the total amount of credit claimed and conditionally validated by the Monitor to $1,286,075,590 or 71% of the $1.8-billion target."

It has been three years since the settlement and the company has completed the majority of its consumer-relief credits since reaching two settlement agreements back in April 2016.

"The modified first-lien mortgages are spread across 43 states and the District of Columbia, with 36% of the credit located in the settling states of New York, Illinois, and California, and 50% of the credit located in Hardest Hit Areas, or census tracts identified by the U.S. Department of Housing and Urban Development as containing large concentrations of distressed properties and foreclosure activities," according to the release.

To learn more about Goldman Sachs' progress towards honoring the to settlements, click on the image above.

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