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Goldman Sachs Sets Aside Plenty of Cash for Mortgage Lawsuits

housingwire.com | January 19, 2014

By Jacob Gaffney

Goldman Sachs (GS) reported fourth-quarter revenues and profit topping Wall Street estimates, bouyed by a resurgent IPO market that boosted investment banking revenue.

Quarterly net income was $2.33 billion, down from $2.89 billion one year earlier. Earnings translated to $4.60 per share, beating analyst consensus of $4.14 per share and adding to what has been a strong quarter for financials early in the earnings season.

Primary profits at Goldman during the fourth quarter came on the back of the company's investment banking operations, while the investment bank reported "significantly lower net revenues in mortgages."

Revenues in Goldman's fixed income business, which includes mortgages, came in at $1.7 billion, 15% lower than one year earlier. Investment banking revenues jumped to $6 billion for the full year, the second-best year in Goldman's history, with $1.72 billion booked in the fourth quarter. Fourth quarter revenues in investment banking represented a 22% jump from one year earlier and were 47% higher than the linked quarter.

Notably, most of the money the firm set aside for litigation involves mortgage operations.

Provisions for litigation and regulatory proceedings for the fourth quarter of 2013 were $561 million, up 155% from $260 million for the fourth quarter of 2012.

This number includes the settlement with the Federal Reserve Board regarding the independent foreclosure review.

“Our work in advancing our client franchise and in ensuring continued cost discipline has allowed us to provide solid returns even in a somewhat challenging environment,” said Lloyd C. Blankfein, Chairman and Chief Executive Officer.

“We believe that we are well positioned to generate solid returns as the economy continues to heal and provide considerable upside for our shareholders as conditions materially improve," he added.


Back to January 2014 Archive

CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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