Gen Xers Shaken from Housing Bust Effects
There is an interruption occurring in the housing market. Homeowership numbers among Generation X have quickly went from first to last due to lingering effects from the housing bust.
Generation X has suffered more than any other age cohort from the housing bust, according to an analysis of federal data and a report from the Wall Street Journal by Chris Kirkham. The report also noted that homeownership rates could remain low for this generation for years to come.
Another Day, Another Settlement: Goldman Sachs to Pay $5 Billion
Investment banking firm Goldman Sachs followed up on an announcement made earlier this year on Monday morning, stating that it has agreed to settle federal and state investigation probes concerning the sale of toxic residential mortgage-backed securities (RMBS) in the time leading up to the financial crisis.
Goldman Sachs has agreed to pay a $5.06 billion settlement in regard to its “conduct in the packaging, securitization, marketing, sale, and issuance of residential mortgage-backed securities (RMBS) between 2005 and 2007,” according to an announcement from the U.S. Department of Justice.
Ex-Fed Adviser Suggests Major Overhaul
Stating that the Federal Reserve’s governance structure “no longer ensures that the Fed serves the public interest,” former Fed adviser Andrew Levin recommended in a recent letter four major steps to reform the U.S. central bank.
Wells Fargo Settles for $1.2 Billion Over ‘Shoddy’ Mortgage Practices
Wells Fargo has agreed to pay $1.2 billion to settle civil mortgage fraud claims against the bank and Wells Fargo executive Kurt Lofrano, according to an announcement from the Department of Justice on Friday.