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An update on bank settlements still flowing from the financial crisis

July 27th, 2014

A deal to resolve a U.S. regulator’s claims against Goldman Sachs Group Inc over mortgage-backed securities sold to Fannie Mae and Freddie Mac leading up to the financial crisis could cost the bank between $800 million and $1.25 billion, according to a person familiar with the matter.

The person said Goldman Sachs is discussing a settlement with the Federal Housing Finance Agency (FHFA), which filed 18 lawsuits against Goldman and other banks in 2011 over about $200 billion in mortgage-backed securities that later went sour.

Goldman Sachs and the FHFA declined to comment on Saturday.

via Goldman mortgage deal with federal agency could reach $1.25 billion: source | Reuters.

In other ticket clipping news, Reuters reports that according to a Swiss newspaper about 80 of the 106 Swiss banks that signed up for a deal with U.S. tax authorities could be fined less than they had feared for their role in helping wealthy Americans cheat on their taxes, but must widen their cooperation. The banks, which include Geneva-based Lombard Odier and Zurich firm EFG International, came forward under a program brokered by the Swiss and U.S. governments, after criminal investigations of roughly a dozen Swiss banks including Credit Suisse in the United States.

NOTE: For other stories on this subject see the Owl’s Ticket Clippers archive.

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