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Lloyd Blankfein

Goldman Sachs to pay $5 billion in mortgage settlement

Goldman Sachs to pay $5 billion in mortgage settlement

Adds more details and contexts. Adds quote from CEO.Goldman Sachs Group Inc. said Thursday it will pay roughly $5 billion to settle federal and state investigations of its role in the sale of shoddy mortgages in the years leading to the housing bubble and subsequent financial crisis.

Coming nearly eight years after the crisis, the settlement is by far the largest the investment bank has reached related to its role in the meltdown. But the payment is dwarfed by those made by some of its Wall Street counterparts.

Goldman agreed to pay $2.39 billion in civil monetary penalties and $875 million in cash payments and to provide $1.8 billion in consumer relief in the form of...