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Justice Department, Federal and State Partners Secure Record $7 Billion Global payment with Citigroup for Misleading Investors About Securities Containing Toxic Mortgages

Justice Department, Federal and State Partners Secure Record $7 Billion Global payment with Citigroup for Misleading Investors About Securities Containing Toxic Mortgages

WASHINGTON—The Justice Department, along side federal and state partners, today announced a $7 billion settlement with Citigroup Inc. To resolve federal and state civil claims associated to Citigroup’s conduct when you look at the packaging, securitization, advertising, purchase and issuance of domestic mortgage-backed securities (RMBS) ahead of Jan. 1, 2009. The resolution features a $4 billion civil penalty—the largest penalty up to now underneath the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). Within the settlement, Citigroup acknowledged it made severe misrepresentations towards the public—including the investing public—about the home loans it securitized in RMBS. The resolution also requires Citigroup to give you relief to underwater homeowners, distressed borrowers and impacted communities through many different means including funding affordable leasing housing developments for low-income families in high-cost areas. Читать далее

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