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US 'consumer relief' ruling can enrich big banks

Some deals by big banks, such as Goldman Sachs and Deutsche Bank, to provide mortgage relief for borrowers have a built-in profit incentive

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Goldman Sachs is seeking to provide US$1.8 billion in consumer relief by buying up thousands of distressed mortgages at discounted prices from Fannie Mae and then hiring outside firms to rework them.

New York

IN EVERY multibillion dollar settlement with a big bank that peddled faulty mortgage securities, a major provision has been a requirement that the bank provide "consumer relief". In the case of JPMorgan Chase, for instance, the nation's largest bank satisfied its requirement to

sentifi.com

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