Goldman Sachs Subsidiary Files Flurry of Mortgage Lawsuits
November 24, 2009 by admin
A subsidiary of bank holding firm Goldman Sachs filed more than 50 lawsuits in Las Vegas courts against individual homeowners during a one-month span this year. Some local observers say the litigation could signal the beginning of a Wall Street backlash against defaulting borrowers.
The financial giant’s subsidiary, MTGLQ Investors, sued 55 borrowers in Clark County District Court as of press time. Some attorneys are calling the high volume of cases filed unusual and say the legal push may be the start of an investor movement to recoup home-loan losses.
Note holders are tired of people walking away from their homes and leaving second-lien holders with no equity in the house to repay the loan, bankruptcy lawyer George Haines said. Read more about Goldman Sachs…
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