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Goldman Sachs New Subprime Player In Foreclosure Crisis

Posted By admin || 10-Nov-2009


According to an article in the Star-Telegram, the Goldman Sachs Group which is now the owners of thousands of subprime mortgages facing foreclosure is finding itself battling homeowners in bankruptcy court.

The article said:

"Goldman spent years buying hundreds of thousands of subprime mortgages, many of them from some of the more unsavory lenders in the business, and packaging them into high-yield bonds. Now that the bottom has fallen out of that market, Goldman finds itself in a different role: as the big banker that takes homes away from folks such as the Beckers."

The Beckers are a couple who fell months behind on their mortgage and was facing foreclosure after they lost their jewelry business.  The couple spent three years searching for the company that owned their subprime mortgage, but without success. They suspected that Goldman owned their mortgage but the company would not confirm or deny that suspicion. Because of this the Beckers remained in foreclosure limbo for years and were unable to secure a forbearance, loan modification or other help for their home facing foreclosure. It took years of battling the foreclosure and finally bankruptcy to save this couple's home.

When the foreclosure crisis first began many mortgage lenders, servicers and brokers went bankrupt and/or out of business.  This put the ownership of any particular mortgage under question. Who really owns your mortgage? If you want to find out you may want to ask the mortgage servicer. But if the mortgage servicer is being evasive or non-responsive, you can work with an experienced attorney to get the truth. One letter from an attorney to the mortgage servicer asking for the identity of the owner may be sufficient.

Categories: Foreclosures
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