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Goldman Sachs (GS) Said to Face Potential Federal Suit in Connecting with pre-Crisis RMBS Sales

  

streetinsider.com | February 23, 2015

Goldman Sachs (NYSE: GS) is facing a potential federal suit in connection with its residential mortgage-backed security sales leading up to the financial crisis of 2008 - 09.

The following was disclosed in Goldman's 10-K on Monday:

The firm has also received, and continues to receive, requests for information and/or subpoenas as part of inquiries or investigations by the U.S. Department of Justice, other members of the RMBS Working Group and other federal, state and local regulators and law enforcement authorities relating to the mortgage-related securitization process, subprime mortgages, CDOs, synthetic mortgage-related products, sales communications and particular transactions involving these products, and servicing and foreclosure activities, which may subject the firm to actions, including litigation, penalties and fines. In December 2014, as part of the RMBS Working Group investigation, the firm received a letter from the U.S. Attorney for the Eastern District of California stating in connection with potentially bringing a civil action that it had preliminarily concluded that the firm had violated federal law in connection with its underwriting, securitization and sale of residential mortgage-backed securities and offering the firm an opportunity to respond. The firm is cooperating with these regulators and other authorities, including in some cases agreeing to the tolling of the relevant statute of limitations.

The U.S. Department of Justice is conducting a second round of investigations into RMBS sales. Penalties are expected to be less than the $7 billion that Citi paid out as part of its settlement, though they are still expected to be substanaial.

Shares of Goldman are down 0.7 percent.

 

Back to February 2015 Archive

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