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Thursday, February 16, 2012

Citigroup Settles Mortgage Fraud Charges For $158 Million, Admits Fault

The U.S. Department of Justice nailed Citigroup on mortgage fraud charges, getting the bank to agree to pay out a $158 million settlement while admitting it tricked a federal insurance program into backing bad loans. When borrowers defaulted, taxpayers ended up footing the bill.

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1 comment:

Anonymous said...

If they didn't make enough bad loans the government would have stopped backing loans for them.Citicorp was happy to fork over only $158 million.