Massachusetts Attorney General’s office and Goldman Sachs (GS) reached a settlement on Monday over the bank’s role in the securitization of subprime mortgages in the state.
From Reuters: Goldman Sachs Group Inc. agreed to pay up to $60 million to settle Massachusetts’ complaints about the investment bank’s role in the subprime mortgage business, state officials said today.
The agreement includes up to $50 million for holders of the mortgages – which were made at often high rates to people with poor credit – and a $10 million payment to the state, a spokeswoman for state Attorney General Martha Coakley said.
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