So far Goldman has followed the inept regulators' instructions and paid penalties, answered civil claims, brought in consultants to review individaul foreclosures on which to write down loan principals and promised to be "good" and not forge any more documents while bringing forth foreclosures on homeowners.
Now Goldman is tired of having to look at individual foreclosures and has been given permission to settle claims en masse. The article called these frauds "botched foreclosures" a euphemistic way of saying "what cannot be said." We know that Goldman committed outright fraud: fraud in making subprime mortgages, fraud in securitization, fraud in false ratings of securities, fraud in the treatment of foreclosed homeowners and fraudulent forgery.
We are being snowed under with the fraud perpetrated by Goldman Sachs!
Note that the $1.5 billion is being paid by four banks: Goldman, Morgan Stanley, Ally and HSBC. The total loans made by three of these four banks during a two-year period comes to 239,341 mortgages. The figures for HSBC in the two-year period are not given. Dividing the $1.5 billion amongst the 239,41 homeowners comes to $6,267.21 each! You can be sure that there will be other expenses that are included in these transactions so that the homeowners will be lucky to get anything for the fraud committed by these horrible banks.
Goldman Sachs Said to Be Part of Fed-Led Foreclosure DealRead the entire article here
By Jesse Hamilton & Cheyenne Hopkins - Bloomberg
The agreement, also involving HSBC Holdings Inc. and Ally Financial Inc., would end case-by-case reviews of foreclosures under earlier accords with the biggest mortgage servicers, said the people, who declined to be identified because the talks are private. The Federal Reserve-led discussions specified at least $1.5 billion in cash and assistance for borrowers, one of the people said.