Saturday, August 23, 2014

Because of the controversial mortgage deals: bank Goldman Sachs has … – ABC Online

Because of the controversial mortgage deals: bank Goldman Sachs has … – ABC Online

Saturday, 08.23.2014, 12:20
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Because they touting mortgage securities before the sale to be better than they were, now also pays Goldman Sachs billions of euros fine. Earlier, the Bank of America and Morgan Stanley had done this.

In the dispute over controversial mortgage transactions from the period of the financial crisis now the investment bank Goldman Sachs has made a multi-billion dollar agreement with the US regulatory authority.

Goldman Sachs acquired for $ 3.15 billion back (2.37 billion euros) securities that had sold the investment bank from 2005 to 2007 the state Fannie Mae and Freddie Mac. That gave the investment bank on Friday in New York known. The cost would be covered by provisions substantially, it said. The competent US regulatory FHFA confirmed the agreement.



Home loans represented too rosy

The Authority had in 2011 a total of 18 financial groups sued, who had Fannie Mae and Freddie Mac sold mortgage securities. The charge: The banks would have the house loans contained represented too rosy. In the from 2007 onrushing financial crisis lost the papers of value, and the taxpayer had to Fannie Mae and Freddie Mac rescue.

The U.S. authorities have already asked numerous major banks for mortgage deals to checkout. Thus, the Bank of America had after a long struggle agreed in March to indemnify Fannie Mae and Freddie Mac with $ 9.5 billion. The U.S. investment bank Morgan Stanley paid a total of $ 1.25 billion

In Video:. Former Goldman Sachs banker sentenced

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