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Goldman Sachs Reaches Billion Dollar Mortgage Settlement

(Washington, DC) -- Goldman Sachs is the latest financial institution to reach a settlement with the federal government over the selling of bad mortgages. The Federal Housing Finance Agency said Goldman Sachs has agreed to pay one-point-two-billion dollars to buy back mortgage-backed securities from Fannie Mae and Freddie Mac. This week Bank of America agreed to pay more than 16-and-a-half billion dollars in a settlement. The marketing and selling of bad loans by financial groups helped lead to the financial meltdown of 2008.

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