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GOLDMAN SACHS GROUP

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Goldman Sachs : 22 Aug 2014 Goldman Sachs Announces Agreements with FHFA

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08/22/2014 | 08:31pm EDT

NEW YORK, August 22, 2014 -- The Goldman Sachs Group, Inc. (NYSE: GS) today announced that Goldman, Sachs & Co. (Goldman) has reached agreements with the Federal Housing Finance Agency (FHFA) (as conservator for Fannie Mae and Freddie Mac) to resolve all federal and state securities law claims brought by FHFA with respect to residential mortgage-backed securities (RMBS) purchased by Fannie Mae and Freddie Mac over the 2005-2007 period.

Under the terms of the agreements, Goldman is repurchasing the RMBS for $3.15 billion.

The costs of resolving these matters are substantially covered by reserves as of the second quarter of 2014. 

Gregory K. Palm, Executive Vice President and General Counsel of The Goldman Sachs Group, Inc., stated "We are pleased to have resolved these matters."

The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

# # #

Media Contact:
Jake Siewert
Tel: +1 212 902 5400

Investor Contact:
Dane Holmes
Tel: +1 212 902 0300

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Financials ($)
Sales 2019 36 400 M
EBIT 2019 12 314 M
Net income 2019 9 100 M
Debt 2019 -
Yield 2019 1,81%
P/E ratio 2019 7,81
P/E ratio 2020 7,08
Capi. / Sales 2019 1,91x
Capi. / Sales 2020 1,85x
Capitalization 69 589 M
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 229 $
Spread / Average Target 21%
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Managers
NameTitle
David Michael Solomon Chairman & Chief Executive Officer
John E. Waldron President & Chief Operating Officer
Stephen M. Scherr Chief Financial Officer & Executive Vice President
James A. Johnson Independent Director
William W. George Independent Director
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