Word: mortgagees
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The emails’ release comes just days after Goldman was charged by the Securities and Exchange Commission with misleading investors about a pool of mortgage-backed securities that later lost significant value.
The firm has come under increased scrutiny in light of allegations of acting against its clients’ interests by speculating against the housing market while continuing to structure mortgage-backed securities for investors.
According to the e-mails, Harvard entered the $500 million credit default swap—essentially an insurance policy that would pay off in the case of mortgage defaults—with Goldman paying about 100 basis points, or $5 million, per year for protection against defaults.
"We need to buy back $1 billion single names and $2 billion of the stuff below—today." Daniel L. Sparks, the former head of the firm’s mortgage division, wrote to a group of traders in reference to deals—including the one with Harvard?...
On April 16, the SEC alleged that Goldman misrepresented to investors the involvement of hedge fund manager John A. Paulson—who famously made billions through bearish bets on the housing market in 2007—in assembling a portfolio of mortgage-backed securities that he later bet against...