The Goldman Sachs Group Inc., New York, saw year-to-year declines in mortgages and credit products contribute to a whittling down of its fiscal third-quarter earnings to $845 million on a net basis. Credit products and mortgages "were adversely affected by broad-based declines in asset values," but in the fiscal period ended Aug. 29 the Wall Street firm continued to avoid the kind of multibillion-dollar mortgage-related writedowns suffered by many of its peers. The company's net losses in the mortgage area during the quarter included about $500 million on residential loans and approximately $325 million on commercial loans and securities.
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