Tag Archive for Subprime Mortgage Crisis

SEC Goldman Sachs Securities Fraud Complaint

The Commission brings this securities fraud action against Goldman, Sachs & Co. (“GS&Co”) and a GS&C6 employee, Fabrice Tourre (“Tourre”), for making materially misleading statements and omissions in connection with a synthetic collateralized debt obligation (“CDO”) GS&Co structured and marketed to investors. This synthetic CDO, ABACUS 2007ACI, was tied to the performance of subprime residential mortgage-backed securities (“RMBS”) and was structured and marketed by GS&Co in early 2007 when the United States housing market and related securities were beginning to show signs of distress. Synthetic CDOs like ABACUS 2007-ACI contributed to the recent financial crisis by magnifying losses associated with the downturn in the United States housing market.

(U) Escalating Foreclosures Provide an Opportunity for Scammers

Recent statistics suggest that escalating foreclosures provide criminals the opportunity to exploit and defraud vulnerable homeowners seeking financial guidance. The perpetrators convince homeowners that they can save their homes from foreclosure through deed transfers and the payment of up-front fees. This “foreclosure rescue” often involves a manipulated deed process that results in the preparation of forged deeds. In extreme instances, perpetrators may sell the home or take out a second loan without the homeowners’ knowledge, stripping the property’s equity for personal enrichment.

Army Strategic Communications Plan: Housing Market Crisis Assistance For Soldiers and Families

Soldiers and Families (Active, Reserve and National Guard) are being negatively affected by the National Housing Market Crisis. This crisis can impact a Soldier’s ability to sell, purchase, or rent their homes during permanent change of station (PCS) transfers, thus, leaving the Soldier with financial and/or Family separation challenges. Many Soldiers feel they have only two options, taking drastic financial actions or becoming geographical bachelors.