Summary: Goldman Sachs strikes again. They’re generating a close on another large portfolio of nonperforming notes from Fannie Mae. They bought a tremendous amount of 11,000 loans with $1.64 billion in unpaid balance. What does that mean to us? What does this mean to Goldman Sachs and what is the overall underlying ripple effect across the note industry? You've got to realize is Goldman Sachs got banged up really bad for a nasty $5 billion fine, and they’ve been buying these non-performing notes as part of the payback because every dollar in debt forgiveness and modification gets credited towards their fines. Scott discusses the current sale of 11,000 loans that Fannie Mae is selling to Goldman Sachs and what it means for us as note investors. Along the way, we're surprised with a call from the company providing the due diligence on the trades.
