BANNING, Calif. — Goldman Sachs Group got into the residential mortgage business in 1984, and for 17 years, it ran a staid operation that simply bought and sold loans.
All that changed in 2001, when the elite investment bank leaped aggressively into the burgeoning subprime securities market that was becoming a fountain of money for its Wall Street rivals. The Goldman Sachs Mortgage Co. sold $8.7 billion in subprime bonds that year, amounting to a third of its business.
Soon, the Goldman subsidiary was in the jet stream, dealing with some of the most
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