And not above paying for it. You can be fairly certain, if Goldman has decided to settle that it is only the first stage of the big subprime wind-up. Securitization is that much closer to being illegal. Hurray.
The Goldman Sachs Group 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 Monday.
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.
The settlement follows an investigation into how Wall Street banks originated mortgages and then packaged them into bonds. It is the first such accord with a bank to focus on securitization of subprime mortgages, spokeswoman Amie Breton said.
Wall Street packaged assets into bonds. The horror. The horror.
Goldman Settles Subprime Complaint in Massachusetts [The New York Times]
well yeah the demonization of securitization is moronic, but the banks – along with the brokers, appraisers, and 40K a year fucktards who thought they “deserved” granite counters and 5 BR McMansions — all enabled the underwriting shenanigans that created this mess. Goldman fed high off the hog when the game was on, now they’re in for a few nut shots. boo friggin hoo.
any good titty bars in midtown east?
can we have another “Layoffs watch ’09, AQR”
thanks.
” … for holders of the mortgages — which were made at often high rates to people with poor credit … “. GS – what bastards. Demanding a higher return for higher risk – the nerve of those Wall Street fat cats.
when o when will the frauds that go under the names moody and s&p pay for any of this
those r the shitheads that stamped all that crap AAA
@2 scores closed down but it looks like they opened up something else in its place – not sure if its a boobie bar though. flashdancers on bway and 50s is always a safe bet if you’re with clients and its not too far from midtown.
RIP Billy’s Toothless
side-question:
Are Chrysler’s secured creditors still getting their payments during the bankruptcy?
Securitization by cows is now illegal.
Securitization by criminals is still standard.
@HAM
Its called “Saphire” now I believe, haven’t had any reports on “quality” though
who wants to go in on re-opening billy’s?? that had to ‘nice’ it up to make the stopless topless look seedy in rounders!! long live ny