Jan
14

Goldman Says It Will Pay $5.1 Billion in U.S. Mortgage Probe

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  • Resolution includes $1.8 billion in relief to consumers
  • Final deal with Justice Department could still be weeks away

Goldman Sachs Group Inc. said it agreed to settle a U.S. probe into its handling of mortgage-backed securities for about $5.1 billion, cutting fourth-quarter profit by about $1.5 billion and closing out a year of record legal and litigation costs.

The proposed deal, which the bank announced in a statement Thursday, would be the latest multibillion-dollar settlement resulting from the government’s push to hold Wall Street firms to account for creating and selling subprime mortgage bonds that helped spur the 2008 financial crisis…

Goldman Says It Will Pay $5.1 Billion in U.S. Mortgage Probe

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