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Goldman Agrees to Mass. Modification Deal

Mass. AG announces agreement on subprime loans

May 11, 2009

By staff

Goldman Sachs & Co. has agreed to write down $50 million in principal on Massachussetts subprime mortgages.

The state's attorney general, Martha Coakley, said in a news conference today that in December 2007, her office began analyzing the role of securitizers in unfair subprime origination practices and in the loan-modification process.

Coakley said that the investigation led to an agreement with Goldman that calls for the investment banker to provide loan restructuring valued at approximately $50 million on Massachusetts subprime mortgages located in areas of the state where Goldman's securitizations had an impact.

The deal calls for Goldman to reduce the principal on impacted first mortgages by up to 35 percent and second mortgages by as much as half. Seriously delinquent borrowers will need to make a "reasonable monthly loan payment" while they attempt to refinance or sell their homes.

"If after six months, a borrower is still unable to find financing or sell his or her home, Goldman will reduce the principal owed on the existing loan to assist the borrower," a statement said.

Goldman also agreed to help borrowers on "thousands" of Massachusetts loans serviced by subsidiary Litton Loan Servicing LP find refinancing options and other alternatives to foreclosure.

In addition, Goldman agreement to pay $10 million to the Commonwealth.

The attorney general noted that Goldman has been cooperative throughout the investigations, and she appreciated the agreement.

The process of investigating investment bankers is ongoing, Coakley said. Their due diligence, reporting accuracy and representation of portfolio quality to investors are being scrutinized.

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