ML-Implode News - Goldman Sachs to pay US$3.15b to settle mortgage case

Goldman Sachs will pay US$3.15 billionÂ (S$3.94 billion) to resolve claims it misled Fannie Mae and Freddie Mac on mortgage-linked securities it sold them before the US housing bust, officials said.
The Federal Housing Finance Agency (FHFA), the conservator for Fannie and Freddie, which were rescued by the government during the 2008 crisis, said that Goldman will repurchase the securities it sold to the two effectively government-backed mortgage giants between 2005 and 2007.

Goldman said the agreement will resolve "all" federal and state securities claims for mortgage-backed securities purchased by Freddie and Fannie over the period.

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Goldman Sachs to pay US$3.15b to settle mortgage case