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Home | Tag Archives: Goldman Sachs

Tag Archives: Goldman Sachs

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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More than 220K Foreclosure Review Checks Scheduled for May 3

More than 220K Foreclosure Review Checks Scheduled for May 3

The checks for Goldman Sachs and Morgan Stanley borrowers covered under the foreclosure review settlement should be mailed out Friday, May 3, the Federal Reserve announced Monday. The next batch of payments will go out to more than 220,000 borrowers who had a mortgage in any stage of the foreclosure process in 2009 and 2010 that was serviced by one of the former subsidiaries, Litton Loan Servicing LP or Saxon Mortgage Services, Inc. The checks for the borrowers are valued at $247 million.

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Deutsche Bank, Goldman Sachs Lose Bid for Securities Suit Dismissal

Deutsche Bank, Goldman Sachs Lose Bid for Securities Suit Dismissal

Two more banks have lost in their attempts to dismiss claims of misconduct in sale of mortgage-backed securities (MBS) to Fannie Mae and Freddie Mac. U.S. District Judge Denise Cote rejected motions filed by Goldman Sachs and Deutsche Bank, two of 16 defendants brought before her court by the Federal Housing Finance Agency (FHFA). In their arguments, attorneys for Deutsche Bank and Goldman say that FHFA's allegations are inadequate to support its claim of fraud.

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Goldman Sachs Asks Court to Dismiss Class Action Securities Suit

Goldman Sachs Asks Court to Dismiss Class Action Securities Suit

Goldman Sachs is asking the U.S. Supreme Court to dismiss a mortgage securities class action lawsuit that the company says could cost Wall Street tens of billions of dollars, according to a report from Reuters. The bank is facing a suit from the NECA-IBEW Health & Welfare Fund, which owned mortgage-backed certificates underwritten by Goldman. The fund is suing on behalf of investors who say they were misled about the securities' risk, Reuters reports. The 2nd U.S. Circuit Court of Appeals in New York decided in September to allow the lawsuit to go ahead on the basis that the NECA-IBEW is acting for investors whose claims ""implicate the same set of concerns"" as its own.

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NCUA Faults Goldman Sachs with Credit Union Failures

NCUA Faults Goldman Sachs with Credit Union Failures

The National Credit Union Administration (NCUA) is suing Goldman Sachs in hopes of recovering losses it incurred as the result of two failed credit unions - U.S. Central and Western Corporate federal credit unions. The complaint filed in a California district court alleges Goldman Sachs misrepresented the risks associated with residential mortgage-backed securities bought by the two credit unions, ultimately leading to their demise. It's the fourth securities-related suit NCUA has filed, and the agency says there's more to come.

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Goldman Sachs Sells Litton Servicing Arm to Ocwen

Goldman Sachs Sells Litton Servicing Arm to Ocwen

Goldman Sachs has agreed to sell its residential mortgage servicing subsidiary to Ocwen Financial Corp. Ocwen will pay $263.7 million in cash to acquire Litton Loan Servicing. In addition to the cash purchase price, Ocwen will lay out another $337 million to take care of some of Litton's outstanding debt. The deal will result in Ocwen's acquisition of a servicing portfolio of approximately $41.2 billion in unpaid principal balance of primarily non-prime residential mortgage loans.

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Goldman Sachs Subpoenaed Over Subprime Mortgage Trading

Goldman Sachs Subpoenaed Over Subprime Mortgage Trading

Prosecutors with the Manhattan District Attorney's office have issued a subpoena to Goldman Sachs for information related to the company's trading of mortgage bonds backed by subprime loans. The action against the Wall Street institution stems from a congressional report issued in April by a Senate subcommittee on the key causes of the financial crisis. The U.S. Justice Department, SEC, and New York's attorney general have reportedly launched their own investigations into Goldman's dealings during the run-up to the mortgage meltdown.

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New York AG Looks to Link Financial Crisis and Mortgage Securities

Industry analysts, economists, even lawmakers generally concede that the pooling of risky subprime mortgages into secondary market securities fueled the economic collapse that almost brought the nation's financial system to its knees. But New York Attorney General Eric Schneiderman is looking for proof that major financial institutions were hocking these dicey mortgage-backed securities during the days leading up to the collapse of the housing market, knowing that these transactions would result in billions of dollars in mortgage losses.

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