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New York – U.S. investment bank Goldman Sachs accepted because of dubious mortgage transactions, the highest penance of 140-year history. Compared to competitors like Bank of America, the sum falls but relatively low in
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The Wall Street giant Goldman Sachs is drawn with a billion penalty of U.S. supervisors accountable. Occasion are controversial mortgage transactions from the period before the financial crisis. The investment bank has toxic assets for $ 3.15 billion to buy back (2.37 billion euros), she had turned on the state real estate finance companies Fannie Mae and Freddie Mac from 2005 to 2007. The proceeds from releases of Goldman Sachs and the competent US regulatory FHFA on Friday evening (local time) out
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In effect, the Bank is but initially impacted by the agreement, according to FHFA with only $ 1.2 billion. The amount resulting from the difference between the redemption amount and the current market value of the securities. Goldman Sachs said in its press release, the cost would be covered by provisions substantially. The losses of Fannie Mae and Feddie Mac should be compensated by the comparison again
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The FHFA had in 2011 a total of 18 financial groups sued the state had the mortgage lenders sold mortgage securities. The charge: The banks would have obscured how critical it was ordered by the Housing loans, with which the securities were hedged. As the property prices in the USA from 2007 fell across the board, many Eigenheimer could not repay their mortgages and the securities lost value massively. In the subsequent financial crisis, Fannie Mae and Freddie Mac had to be saved with several billion of taxpayers’ money
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Including the penalty for Goldman now has driven approximately $ 17 billion again the FHFA. The largest amounts were due at the Bank of America, JPMorgan and Morgan Stanley. Alone, Bank of America had “Fannie and Freddie” remove toxic assets for six billion dollars again. At Goldman Sachs, the sum is significantly lower. But according to the “Wall Street Journal” it is still the highest penalty that the company has in its over 140 year history ever accepted
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In the United States not only had the financial crisis but the state real estate finance, as well as several private banks are maintained by the public sector from bankruptcy. For years, the U.S. authorities are to recoup money on key players back. Many big banks have already been asked for their gamblers land to the checkout. The Bank of America has reached a settlement in the amount of nearly $ 17 billion with the U.S. Justice Department on Thursday.
Whether the economic losses caused by the financial crisis, even close by billions penalties for major international banks can be compensated, is doubted by many economists. Studies put the cost to the global economy on several Bill Onen dollars. However, reliable calculations are difficult because of complex relationships. The question of who bears what portion of the blame for the outbreak of the crisis is discussed kontovers among economists until today
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