By Francis Monfort – Mortgage Professional America, November 05, 2018
Goldman Sachs has forgiven a total of $78.7 million in principal on 746 first-lien mortgages since Aug. 1 as it moves closer to fulfilling its $1.8-billion consumer-relief obligation under two mortgage-related settlement agreements.
Independent monitor Eric Green announced that the latest increment brought the total amount of credit claimed and conditionally validated to about $1.2 billion or 67% of the $1.8-billion target.
The latest total averaged $105,467 in principal forgiveness per loan. The total reportable credit was $79.3 million after the application of appropriate crediting calculations and multipliers. Goldman Sachs has now modified a total of 10,671 mortgages.
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