Citigroup Pays $158 Million to Settle NY Mortgage Case (C)
Citigroup Inc. (NYSE: C) has agreed to pay $158 million to settle a lawsuit in which the bank admitted to defrauding a federal insurance program out of millions of dollars. The payment is not included in Citigroup’s $2.2 billion portion…
Citigroup Inc. (NYSE: C) has agreed to pay $158 million to settle a lawsuit in which the bank admitted to defrauding a federal insurance program out of millions of dollars. The payment is not included in Citigroup’s $2.2 billion portion of the recent $26 billion mortgage foreclosure settlement.
One particularly interesting thing about this settlement is that Citi admitted, acknowledged, and accepted responsibility for the fraud. The bank certified some 30,000 mortgages for insurance, submitting certifications that it knew were false or misleading.
Contact [email protected] for any questions or corrections.
Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
