The suit was dismissed by the Appellate Division of the New York Supreme Court in May 2013 on the grounds that ACA Financial, as a "highly sophisticated commercial entity" should have done its research on the securities before purchasing
Read More »Q1 Net Revenues for Goldman Sachs Hit Four-Year High; Citi Profits Despite Lower Revenues
Michael Corbat, CEO of Citigroup, said the announced sale of OneMain, the largest business remaining in Citi Holdings and which the bank sold to Springleaf Holdings for $4.25 billion in March, helped make for a profitable quarter. "We had a strong quarter overall, particularly in executing against our top strategic priorities,” Corbat said, adding that the bank grew loans and deposits in its core businesses and tightly managed its expenses.
Read More »Watt Discusses FHFA’s Progress Toward Goals in Speech
Federal Housing Finance Agency (FHFA) Director Mel Watt discussed the progress toward the Agency's three main goals – maintaining, reducing, and building – in a speech he delivered Thursday at the Goldman Sachs Housing Finance Conference in New York.
Read More »Three Firms Settle With Pension Fund for $235 Million Over RMBS Fraud Complaints
Three financial institutions – Citigroup Global Markets, Goldman Sachs, and UBS Securities – have agreed to a settlement for $235 million with a pension fund that bought Residential Capital to resolve allegations of fraud on the part of the underwriters involving mortgage-backed securities, according to media reports.
Read More »Goldman Sachs Reports Slight Increase in Net Income for 2014
New York-based investment bank Goldman Sachs reported a slight year-over-year decline in Q4 2014 net earnings, but for the whole year of 2014 the firm reported a slight uptick from 2013, according to the firm's Q4 and year-end earnings statement released on Friday.
Read More »Goldman Sachs Reports Spikes in Net Earnings, Net Share Price
The Goldman Sachs Group, Inc. reported a third quarter net revenue of $8.39 billion and net earnings of $2.24 billion, according to the company's Q3 earnings statement released on Thursday. The net earnings total is a 50 percent jump from Q3 2013, when, the investment bank reported net earnings of $1.43 billion.
Read More »Analyst Predicts Home Price Decline In Report to White House
If Pollard is correct, the impact on the U.S. economy would be seismic. Overvalued homes, according to his report to President Obama, make up $23 trillion of consumer asset value and "serve as the psychological linchpin" for $17 trillion of invested capital.
Read More »Goldman Sachs, FHFA Agree to Multi-Billion Settlement in RMBS Suit
The Federal Housing Finance Agency (FHFA) and New York-based investment banking firm Goldman Sachs have settled a lawsuit alleging that Goldman Sachs sold faulty residential mortgage-backed securities (RMBS) to GSEs Fannie Mae and Freddie Mac, for which FHFA is conservator.
Read More »Goldman Sachs FHFA Settlement could reach $1.25 Billion
Multiple reports surfaced over the weekend that Goldman Sachs may be nearing a deal with the federal government to settle claims that it sold faulty mortgage backed securities to Fannie Mae and Freddie Mac, according to people with familiar with the negotiations. If a deal is reached it is expected to come in between $800 million and $1.25 billion. The talks were first reported by the Wall Street Journal.
Read More »Are Cash Sales Creating a Dangerous Mirage?
Home prices and home sales have been rising over the past few years, pointing to a recovery in the housing market, but some warn that what we are seeing may not be a true recovery but instead a mirage created by investors--a dangerous mirage that could lead to trouble in the years to come. According to multiple industry studies, cash purchases made up about half of all home sales across the nation in September.
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