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saharafollowshare
11-2-2009 8:12 PM
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sahara says:
The couple alleges that Goldman declined for three years to confirm their suspicions that it had bought their mortgages from a subprime lender, even after they wrote to Goldman’s then-Chief Executive Henry Paulson — later U.S. Treasury secretary — in 2003.

Unable to identify a lender, the couple could neither capitalize on a mortgage hardship provision that would allow them to defer some payments, nor on a state law enabling them to offset their debt against separate, investment-related claims against Goldman.

In July, the Beckers won a David-and-Goliath struggle when Goldman subsidiary MTGLQ Investors dropped its bid to seize their house. By then, the college-educated couple had been reduced to shopping for canned goods at flea markets and selling used ceramic glass.
Theirs is an infrequent happy ending among the hundreds of cases...
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11-2-2009 10:12 PM
Jorjor
"In Goldman Sachs We Trust" is the title of chapter III of John Kenneth Galbraith's book The Great Crash - it turns out that G-S played a key role in the crash of 1929 and helped cause the Great Depression.
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