The crisis could hit bank earnings in several ways, not all of them directly related to the foreclosure problem. One big risk is “putbacks,” the faulty loans banks could be forced to repurchase. JPMorgan puts that cost at up to…
Even as the impact of the ongoing debacle slowly unfolds, it’s not too early to tote up a list of 10 far-reaching developments that have already happened. None bodes well for the U.S. housing market, banks or economy.
…
The “robo-signers” at banks who signed thousands of foreclosure-related documents were essentially lying under oath. But perhaps even worse were the lawyers involved: They’re the ones who should have known better and put an en…
A massive loss of confidence in the foundations of property rights and rule of law has occurred. And this loss is having a devastating impact on the housing market, effectively locking up all those foreclosed homes that need to…
Goldman Sachs Group (GS) was sued by German bank Landesbank Baden-Wuerttemberg for allegedly mis-representing the credit quality of its mortgage-backed securities.
The German bank ended up posting a $37 million loss on the investment.
Goldman was the placement agent for a mortgage-backed security called Davis Square Funding VI, Bloomberg News said. Thirty-three percent of the…
Continue reading Goldman Sued by German Bank Over Mortgage-Backed Securities
Goldman Sued by German Bank Over Mortgage-Backed Securities originally appeared on DailyFinance on Tue, 05 Oct 2010 07:43:00.
Filed Under: Company News, People, Investing, Goldman Sachs , Credit