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Goldman Sachs in $1.2B settlement with feds

Goldman Sachs Group Inc. has agreed to a settlement worth $1.2 billion to resolve a U.S. regulator's claims the bank sold Fannie Mae and Freddie Mac faulty mortgage bonds, the regulator announced yesterday.

Under the settlement with the Federal Housing Finance Agency, the conservator for the two government-controlled mortgage finance companies, Goldman Sachs said it agreed to pay $3.15 billion to repurchase mortgage-backed securities from Fannie and Freddie. The FHFA, which valued the settlement at $1.2 billion, said the accord "effectively makes Fannie Mae and Freddie Mac whole on their investments in the securities at issue."

Fed review of report of cod decline in Gulf of Maine set to begin

Regulators are set to begin reviewing a report that says the amount of cod spawning in the Gulf of Maine is at an all-time low.

Scientists at the U.S. National Marine Fisheries Service said the amount of cod spawning in the gulf is estimated to be only 3 percent to 4 percent of its target level. Their updated assessment of the Gulf of Maine cod fish stock could be used to create new regulatory measures for the fishery, but it must first be peer reviewed. An assessment oversight panel was to meet with peer reviewers and New England Fishery Management Council staff yesterday to begin that process. The peer review is set to take place next week, Aug. 28 and 29 in Portsmouth, N.H.

Google buys Gecko Design

Google has acquired Gecko Design, which will become part of the Internet company's unit developing cutting-edge products such as Glass and balloons for Internet access. Terms of the deal, announced yesterday, were not disclosed. Gecko President Jacques Gagne and its four other employees will join Google's "X" research division next month. In addition to Glass and Internet balloons, other projects at Google X include self-driving cars and contact lenses for measuring blood glucose levels.

Gecko, founded in 1996 and based in Los Gatos, Calif., could help Google in the physical design of these products as Google expands beyond software. Products designed with Gecko's services include the wearable Fitbit activity tracker, Hewlett-Packard computer towers and laptops, and low-cost computers for Third World countries from the One Laptop per Child project.

•  CBRE/New England has announced Meredith Christensen, left, has joined its Boston office as vice president with the urban brokerage team in New England. Christensen is a 13-plus-year veteran of the business, specializing in leasing laboratory, office, industrial and retail assets. Christensen was most recently a vice president of asset management, LEED A.P. at Jamestown L.P., an owner and operator of assets in core urban markets throughout North America. In this role, she directed a 1.4 million-square-foot redevelopment project in Boston's Seaport District.

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