Search Results for: mortgage-backed securities

Goldman Sachs fined $5.1 billion over mortgage-backed securities fraud

Goldman Sachs fined 5.1 billion

Goldman Sachs said it agreed to a $5.1 billion civil settlement to resolve federal and state probes into its handling of mortgage-backed securities before the 2008 financial crisis. The proposed deal, which the Wall Street giant announced in a Thursday statement, would settle “actual and potential civil claims” by the US Justice Department and …

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Goldman Sachs buys $5.7 billion in toxic mortgages

Goldman Sachs toxic mortgages delinquent loans

Most banks hear “delinquent loans” and run, but Goldman Sachs is not most banks. The massive investment bank is greedily betting that it can squeeze value out of delinquent mortgages with a multi-billion dollar purchase of auctioned loans that have unpaid loan balances of $5.7 billion. The Wall Street Journal reports that the investment bank …

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S&P to pay $1.4 billion settlement for defrauding investors

S&P Standard and Poor's

One of the world’s biggest credit rating agencies has agreed to pay United States prosecutors nearly $1.4 billion to settle claims it defrauded investors ahead of the 2008 financial crisis. Under the terms of the settlement acknowledged on Tuesday this week, Wall Street giant Standard & Poor’s will pay a …

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Federal Reserve: $75 billion a month in bond purchases

Ben Bernanke

The Federal Reserve will decrease the amount of bonds purchased by the United States central bank, Chairman Ben Bernanke said Wednesday, by roughly $10 billion per month. Bernanke was about to make his last scheduled news conference as head of the Fed on Wednesday afternoon when the bank’s newest plan …

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Deutsche Bank fined $14 billion over mortgage probe, no one jailed

deutsche-bank-fined

The U.S. Department of Justice is asking Deutsche Bank to pay $14 billion to settle an investigation into its selling of mortgage-backed securities, Germany’s flagship lender said on Friday. The claim against Deutsche, which is likely to be negotiated in several months of talks, far outstrips the bank’s and investors’ expectations …

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Audit of NY Fed reveals some shocking results

ny fed

Senator Ron Paul has introduced the Federal Reserve Transparency Act of 2012 (HR459) to the upset of Ben Bernanke, Chairman of the Federal Reserve Bank. In August, the House of Representatives passed 327 – 98 on a vote which exceeded the necessary 2/3rd majority. Paul, who is pushing for “transparency” …

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Fed to taper another $10 billion in QE

Janet Yellen

Janet Yellen’s first FOMC statement is out: Fed tapers another $10 billion/month beginning in April. Beginning in April, the Committee will add to its holdings of agency mortgage-backed securities at a pace of $25 billion per month rather than $30 billion per month, and will add to its holdings of …

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Today the Fed unofficially announced QE4

Today Michael Pento stunned King World when he said, “… the Fed doubled down on QE3 this morning and unofficially announced QE4.”  Pento believes the mainstream media does not understand what just happened today, but he said it will have massive implications for the markets, including gold and silver. Pento …

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JPMorgan: fined $13b, stole $ trillions and 2 million people lost homes

jp morgan

In a telephone call on Friday between the US attorney general and the bank’s CEO, the two sides tentatively agreed to a $13 billion settlement for JPMorgan’s alleged sales of fraudulent mortgage-backed securities. The tentative agreement concludes a civil investigation by the California attorney general over the bank’s sale of …

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Deutsche Bank is finished, share price almost single digits

deutsche-bank-finished-share-price-single-digits

Shares in Germany’s largest bank have hit rock bottom on Monday as Chancellor Angela Merkel reportedly refused to provide Deutsche Bank state aid in its legal battle with the United States Department of Justice (DoJ). Deutsche shares fell as much as six percent to €10.67 in early Monday trading, the …

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Greenspan: QE failed, the unwind will be painful, ‘buy gold’

Alan Greenspan CFR

It appears it is time for some Hillary-Clinton-esque backtracking and Liesman-esque translation of just what the former Federal Reserve Chief really meant. As The Wall Street Journal reports, the Fed chief from 1987 to 2006 says the Fed’s bond-buying program fell short of its goals, and had a lot more …

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Australian banks at risk

big four banks Australia

Despite yesterday’s blowout $6 billion or so profit from ANZ, it turns out all is not entirely well in Australia’s financial services industry. For the last five years, the pattern in the markets has been the same. A crisis starts at the margin, with a peripheral player, and then moves …

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The whistleblower who cost JPMorgan $9 billion speaks out

JPMorgan whistleblower Alayne Fleischmann

A whistleblower whose evidence prompted one of America’s biggest banks to pay out $9 billion to avoid federal prosecution has spoken out for the first time about her battle to reveal the truth. Alayne Fleischmann was a lawyer with JP Morgan in 2006 who tried to alert her managers to …

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How the Economy Affects Mortgage Rates

Family home

The interest rates on mortgage loans have a direct effect on how much money will have to be repaid on a home. While home buyers are always aiming for the lowest interest rates possible, lenders have to cover for the risk by adjusting their interest rates accordingly. Only buyers with …

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Swiss study shows 147 corporations rule the world

147 companies rule the world

The Swiss Federal Institute (SFI) in Zurich released a study entitled “The Network of Global Corporate Control” that proves a small consortiums of corporations – mainly banks – run the world. A mere 147 corporations which form a “super entity” have control 40% of the world’s wealth; which is the real economy. …

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Another Deutsche banker and SEC enforcement attorney ‘commits suicide’

Deutsche bank suicide

Back on January 26, a 58-year-old former senior executive at German investment bank behemoth Deutsche Bank, William Broeksmit, was found dead after hanging himself at his London home, and with that, set off an unprecedented series of banker suicides throughout the year which included former Fed officials and numerous JPMorgan traders. …

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JP Morgan criminal CEO Jamie Dimon: “It’s a free f**king country”

Jamie Dimon testimony

“I’m an outspoken defender of the truth,” JPMorgan CEO Jamie Dimon feverishly maintains in an interview published today. In the interview, he continuously contends that the press and the country have it all wrong about JP Morgan. He seemingly separates JP Morgan out from the current-leading  American banking foe of Europe, Goldman …

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