[ by Howard Haykin ] The SEC announced early Thursday that it had completed its thorough investigation into the $1.3 billion subprime mortgage deal sold by Goldman Sachs during the financial crisis, and would be taking no further action.  This was an about face for the Commission which, just a few months earlier, had planned to pursue a civil action.  The SEC's inquiry had focused on a package of subprime mortgages in Fremont, Calif., that Goldman sold to investors in 2006. The SEC was never able to ascertain whether Goldman had misled investors into believing that the mortgage securities were a safe bet. The Justice Department followed late Thursday night with a statement - and a rare admission - that it too would not be taking action against Goldman in this same case because there was "not a viable basis to bring a criminal prosecution." The Justice Department said it "ultimately concluded that the burden of proof to bring a criminal case could not be met based on the law and facts as they exist at this time."  The agency said it would pursue the case again if new evidence emerged. Goldman Sachs' response to the Daily Double came in a low key statement from a Goldman Spokesperson: "The firm is pleased that this matter is behind us." But don't let that low key response mask the tremendous relief felt throughout Goldman's corporate office.  It was Goldman whose missteps became emblematic of Wall Street's excess.  It was Goldman who paid $550 million in 2010 to settle an SEC civil case over a mortgage investment that investigators said had been intended to collapse. Yet, for all that was was decried about the wrongful actions by Goldman and its Wall Street rivals, that one law enforcement case - while it was quite large - nevertheless was the only law enforcement case to surface against Goldman. Financial Crisis Investigations Petering Out. And yes, the announcements also serve as the latest indication that the federal investigations into the financial crisis are petering out as the deadline to file cases approached.  While the SEC has brought more than 100 financial crisis-related cases, the agency apparently searched in vain for the big case that would adequately punish Wall Street for its role in the crisis. With that said, Goldman and other banks are not out of the woods just yet.  But at least they're seeing some light at the end of the proverbial tunnel. For further details, go to:  [Dealbook, 8/9/12].