Goldman Sachs recently surpassed the $1.25 billion mark in the $1.8 billion in customer relief the company is required to provide as part of its $5 billion settlement reached in April 2016 over toxic mortgage bonds.
The latest update comes courtesy of Eric Green, who serves as independent monitor of the settlement.
According to a new report from Green’s office, Goldman Sachs forgave a total of $82,828,355 in principal on 736 first-lien mortgages for average principal forgiveness of $112,539 per loan in the last few months.
Due to crediting calculations and multipliers, Goldman Sachs received total credit of $84,445,523 for those actions.
Beyond that, Goldman Sachs extinguished 58 second lien loans, with $3,734,507 in total principal forgiven for an average principal forgiveness of $64,388.
With the same multipliers in place, the company received $1,826,785 for those actions.
These latest actions bring the total amount of credit claimed and conditionally validated by Green’s office to $1.286 billion or 71% of the $1.8 billion target.
According to Green’s office, the modified first-lien mortgages came from 43 states and the District of Columbia, with 36% of the credit located in the settling states of New York, Illinois, and California, and 50% of the credit located in Hardest Hit Areas, or census tracts identified by the Department of Housing and Urban Development as containing large concentrations of distressed properties and foreclosure activities.
The extinguishment of the 58 second lien loans came from 27 states, with 25% of the associated credit in the three Settling States and 50% in Hardest Hit Areas.
