Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  The Goldman Sachs Group, Inc.    GS

THE GOLDMAN SACHS GROUP, INC.

(GS)
  Report
Real-time Estimate Quote. Real-time Estimate BATS EXCHANGE - 09/22 01:15:20 pm
196.6000 USD   +1.34%
07:16aNEWS HIGHLIGHTS : Top Financial Services News of the Day
DJ
03:33aROCHE HOLDINGS AG : Goldman Sachs gives a Buy rating
MD
03:09aFLATEX : Goldman Sachs reiterates its Buy rating
MD
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Goldman Sachs, U.S. agency in mortgage settlement worth $1.2 billion

share with twitter share with LinkedIn share with facebook
08/22/2014 | 06:37pm EDT
Goldman Sachs sign is seen above floor of the New York Stock Exchange shortly after the opening bell in the Manhattan borough of New York

(Reuters) - Goldman Sachs Group Inc has agreed to a settlement worth $1.2 billion to resolve a U.S. regulator's claims the bank sold Fannie Mae and Freddie Mac faulty mortgage bonds, the regulator announced Friday.

Under the settlement with the Federal Housing Finance Agency, the conservator for the two government-controlled mortgage finance companies, Goldman Sachs said it agreed to pay $3.15 billion to repurchase mortgage-backed securities from Fannie and Freddie.

The FHFA, which valued the settlement at $1.2 billion, said the accord "effectively makes Fannie Mae and Freddie Mac whole on their investments in the securities at issue."

The $1.2 billion reflects the amount that Goldman will pay, minus the estimated current value of the securities being bought back from Fannie and Freddie.

The deal averts a Sept. 29 trial in a pair of lawsuits against Goldman that the FHFA filed in 2011 as it sought to recover damages from various financial institutions behind some $200 billion in mortgage bonds bought by Fannie and Freddie that later went sour.

To date, the FHFA has resolved all but three of the 18 lawsuits it filed, recovering $17.3 billion through cases against banks including Bank of America Corp, Deutsche Bank AG and Morgan Stanley.

The FHFA's primary case against Goldman Sachs accused the bank of misleading the two mortgage finance giants in the sale of over $11.1 billion in mortgage-backed securities sold to Fannie and Freddie from 2005 to 2007.

Goldman Sachs denied the allegations, and in the settlement did not admit wrongdoing. Under the settlement, Goldman Sachs will pay about $1 billion to Fannie Mae and $2.15 billion to Freddie Mac, the FHFA said.

Goldman Sachs in a statement said the costs of the deal were substantially covered by its litigation reserves as of the second quarter of this year.

"We are pleased to have resolved these matters," Gregory Palm, Goldman's general counsel, said in a statement.

The deal tops a $550 million settlement that Goldman Sachs reached with the U.S. Securities and Exchange Commission to resolve charges over how it marketed a subprime mortgage product in 2010.

The U.S. Department of Justice continues to investigate Goldman Sachs over its marketing of mortgage-backed securities. The Justice Department on Thursday announced a $16.65 billion settlement with Bank of America over mortgage securities.

The FHFA continues to litigate against three other banks: HSBC Holdings Plc, Nomura Holdings Inc and Royal Bank of Scotland Group Plc.

HSBC continues to face its own trial Sept. 29, while Nomura's case would go to a jury Jan. 26.

The case is Federal Housing Finance Agency v. Goldman, Sachs & Co. et al, U.S. District Court, Southern District of New York, No. 11-06198.

(Editing by Leslie Adler)

By Nate Raymond and Jonathan Stempel

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA CORPORATION -2.94% 24.47 Delayed Quote.-30.52%
HSBC HOLDINGS PLC 0.52% 290.4 Delayed Quote.-51.34%
LETS HOLDINGS GROUP CO., LTD. -0.56% 10.66 End-of-day quote.76.49%
MORGAN STANLEY -3.43% 48.36 Delayed Quote.-5.40%
NATWEST GROUP PLC 2.23% 95.42 Delayed Quote.-61.17%
THE GOLDMAN SACHS GROUP, INC. -0.44% 194 Delayed Quote.-15.63%
share with twitter share with LinkedIn share with facebook
All news about THE GOLDMAN SACHS GROUP, INC.
07:16aNEWS HIGHLIGHTS : Top Financial Services News of the Day
DJ
03:33aROCHE HOLDINGS AG : Goldman Sachs gives a Buy rating
MD
03:09aFLATEX : Goldman Sachs reiterates its Buy rating
MD
03:09aNEMETSCHEK AG : Goldman Sachs reiterates its Buy rating
MD
02:43aVIVENDI SA : Goldman Sachs reiterates its Buy rating
MD
02:42aPROSUS : Goldman Sachs gives a Buy rating
MD
02:01aAROUNDTOWN : Goldman Sachs remains Neutral
MD
01:50aGRAND CITY PROPERTIES : Goldman Sachs remains its Buy rating
MD
01:49aLEG IMMOBILIEN : Receives a Buy rating from Goldman Sachs
MD
01:49aVONOVIA : Gets a Buy rating from Goldman Sachs
MD
More news
Financials (USD)
Sales 2020 39 373 M - -
Net income 2020 5 476 M - -
Net Debt 2020 280 B - -
P/E ratio 2020 12,7x
Yield 2020 2,58%
Capitalization 69 602 M 69 602 M -
EV / Sales 2020 8,87x
EV / Sales 2021 9,40x
Nbr of Employees 39 100
Free-Float 37,9%
Chart THE GOLDMAN SACHS GROUP, INC.
Duration : Period :
The Goldman Sachs Group, Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends THE GOLDMAN SACHS GROUP, INC.
Short TermMid-TermLong Term
TrendsBearishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 247,92 $
Last Close Price 194,00 $
Spread / Highest target 66,5%
Spread / Average Target 27,8%
Spread / Lowest Target -1,03%
EPS Revisions
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
Marco Argenti Co-Chief Information Officer
Atte Lahtiranta Chief Technology Officer
Sector and Competitors
1st jan.Capitalization (M$)
THE GOLDMAN SACHS GROUP, INC.-15.63%69 602
MORGAN STANLEY-5.40%76 252
CITIC SECURITIES COMPANY LIMITED22.25%53 520
CSC FINANCIAL CO., LTD.61.01%50 553
THE CHARLES SCHWAB CORPORATION-25.90%45 412
HUATAI SECURITIES CO., LTD.3.40%25 281