Goldman Sachs Group Will Pay Over $5 Billion in Settlement Claims

Shoddy mortgages that were sold during the financial crisis has led another major bank to settle for billions.

FOX’s Jared Halpern has more from Washington:

Goldman Sachs will pay a $5 billion settlement over the sale of mortgage-backed securities leading up the 2008 financial crisis. The deal ends state and federal investigations into those sales during the housing bubble.

The deal includes a nearly $2.5 billion civil penalty, plus nearly $2 billion in relief to homeowners and distressed borrowers. It’s the latest multi-billion dollar civil settlement the Justice Department has reached with a major bank.

Over the past two years deals have been struck with Bank of America, Citigroup and JP Morgan Chase.

In Washington, Jared Halpern, FOX News.