Goldman Sachs & Co has entered into agreements with the Federal Housing Finance Agency (FHFA) to resolve claims relating to residential mortgage-backed securities (RMBS) purchased by Fannie Mae and Freddie Mac.
As per the settlement with the Federal Housing Finance Agency, Goldman Sachs has agreed to pay $3.15 billion to repurchase mortgage-backed securities from Fannie and Freddie.
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Goldman will buy back securities sold to Fannie Mae and Freddie Mac to cover the period between 2005 to 2007.
Goldman Sachs said the costs of the deal were substantially covered by its litigation reserves as of the second quarter of this year.
Gregory Palm, executive vice president and general counsel of The Goldman Sachs Group, said:"We are pleased to have resolved these matters."
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By GlobalData
