Goldman Sachs financial delivered partners on personal bankruptcy
SAN JOSE, Calif. — Whenever Ca wildfires wrecked its accessories organization, Tony Becker and his wife fell weeks at the rear of on the home loan repayments and you will experienced first hand the fresh problems off subprime mortgages.
The happy couple finished up inside the an eager, six-season battle to keep their step 1,500-square-feet San Jose family, a struggle you to definitely pushed all of them into case of bankruptcy.
The lending company having exactly who they sparred, but not, was not one which blogged its money. It had been an obscure part of Wall Path colossus Goldman Sachs Category.
Goldman spent age to shop for thousands of subprime mortgages, many of them from a number of the a whole lot more distasteful loan providers for the the company, and you may packaging all of them to the highest-give ties. Given that the beds base keeps fallen out of one to field, Goldman finds out in itself in another type of character: As the larger banker that takes homes off men and women for example as the Beckers.
The happy couple claim you to Goldman rejected for a few ages to confirm the suspicions that it had bought the mortgage loans regarding good subprime lender, despite it authored so you can Goldman’s after that-chief executive Henry Paulson — later U.S. Read more
