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Tag Archives: Barclays

NCUA Pending RMBS Settlements Now Total $2.2 Billion

The total amount recovered from litigation against banks that sold toxic residential mortgage-backed securities to corporate credit unions has now reached $2.2 billion with two recently announced pending settlements, according to an announcement from the National Credit Union Association, chief regulator for credit unions in the United States.

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FHFA Reaches 13th Bank Settlement

The Federal Housing Finance Agency (FHFA) announced last week the latest in a string of settlements with major banks over residential mortgage-backed securities sold to Fannie and Freddie before the economic meltdown. The most recent agreement, struck with Barclays Bank, calls for $280 million in payments to the GSEs.

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Freddie Mac Sues Dozens over Rate-Rigging Losses

The story of the London Interbank Offered Rate (Libor) scandal added another chapter in March as Freddie Mac brought suit against Barclays, Bank of America, Citibank, and several other institutions for investment losses related to alleged rate-rigging practices.

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Barclays Keeps Positive Builder Outlook as Housing Skies Clear

With the fiscal cliff negotiation out of the way--at least, the first phase of it--analysts at Barclays assert in a new release that "housing policy is transitioning from being a source of negative headline risk to a potential positive factor for the housing stocks." As the haze surrounding the state of the mortgage interest tax deduction (MID) lifts and the Federal Housing Administration (FHA) prepares to make reforms to its business model, analysts note that "anticipated policy changes have been less severe than feared."

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Economy Likely to Stay on Path of Recovery: Barclays

The housing recovery is strengthening and turning onto a sustainable path, Barclays said in a report Wednesday. According to the firm's U.S. Housing report, single-family housing starts are expected to trend upward, matching the strength of multi-family starts that has driven the housing recovery over the past year. Barclays also anticipates that home price indices will close out the year strong, suggesting a broadening and lasting recovery. The rising supply and steady sales pace of single-family starts apparently encouraged homebuilders.

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Goldman Sachs Scoops Up $6.2B in AIG Mortgage Assets

Goldman Sachs scooped up $6.2 billion in risky mortgage bonds from the Federal Reserve Bank of New York, the central bank said Wednesday. The Maiden Lane II assets stem from the taxpayer-funded bailout of American International Group during the financial crisis. An original senior loan in the amount of $19.5 billion needed repayment, and Credit Suisse offered an initial inquiry to pick up the tab for Maiden II assets last fall. The federal government held out on an offer until it felt the sale would mete out a higher rate of return for the public.

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