Tuesday, July 15, 2014
Citibank reaches $7 billion mortgage probe settlement
[JURIST] Citigroup, Inc. on Monday agreed to pay $7 billion to settle a federal inquiry into mortgage-backed securities sold by the bank prior to the country's financial crisis. The deal, which involves one of the largest cash penalties [NYT report] ever paid to settle such allegations, includes [WSJ report] a $4 billion civil penalty to the US Department of Justice (DOJ) [official website] and $2.5 billion reserved for "consumer relief," with $180 million in financing to go towards building affordable...
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