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.
More »
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
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.
ReplyDelete