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Deutsche Bank agrees to $7.2 billion mortgage settlement with U.S.
By Karen Freifeld, Arno Schuetze, and Kathrin Jones
Friday, December 23, 2016
Deutsche Bank has agreed to a $7.2 billion settlement with the U.S. Department of Justice over its sale and pooling of toxic mortgage securities in the run-up to the 2008 financial crisis.
The agreement in principle, announced by Deutsche Bank's Frankfurt headquarters early Friday morning, offers some relief to the German lender, whose stock was hit hard in September after it acknowledged the Justice Department had been seeking nearly twice as much.
It also highlights the Justice Department's recent efforts to hold European banks accountable for shoddy securities that contributed to the U.S. housing market collapse.
The department sued Barclays PLC on Thursday over similar claims, after having reached $46 billion in settlements with U.S. banks over the last three years. ...
As part of the agreement, Deutsche Bank would pay a civil monetary penalty of $3.1 billion and provide $4.1 billion in consumer relief, such as loan forgiveness. The bank cautioned that there is "no assurance" the two sides will agree on the final documents. ...
... For the remainder of the report:
Sandspring Resources Commences 2016 Exploration Campaign
August 17, 2016
Sandspring Resources Ltd. (TSX VENTURE:SSP, US OTC: SSPXF) is pleased to announce commencement of the 2016 exploration campaign at its Toroparu Gold Project in Guyana, South America.
In 2015 the company completed a 3,700-meter diamond drilling program on the promising Sona Hill Prospect, located 5 kilometers southeast of the main Toroparu deposit. Sona Hill is the easternmost gold anomaly in a cluster of 10 gold features located within a 20-by-7-kilometer hydrothermal alteration halo around Toroparu. Drilling at Sona Hill in 2012 and in 2015 intercepted high-grade mineralization in both saprolite and bedrock, and confirmed the continuity and grade potential of the Sona Hill mineralization.
For the remainder of the announcement and highlights of the 2015 drill program:
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