Citigroup Is Said to Be Close to Settling Inquiry Into Mortgage Securities

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Citigroup Is Said to Be Close to Settling Inquiry Into Mortgage Securities

Citigroup Is Said to Be Close to Settling Inquiry Into Mortgage Securities

NYT-

Citigroup and the Justice Department are nearing a deal that could cost the bank roughly $7 billion to settle a civil investigation into the sale of mortgage investments, people briefed on the matter said on Tuesday.

The settlement, which is expected to be announced within the next week, caps months of negotiations that grew so tense in June that the Justice Department threatened to sue if the bank did not agree to the government’s proposed penalty. The deal, which would be made up of a monetary penalty and relief for homeowners, would remove a huge legal obstacle that has been weighing on the bank’s share price and casting a shadow over its future.

At one point in the talks, the government demanded that Citigroup pay $10 billion. While the settlement will fall short of that demand, the bank will still pay more than once expected.

[NEW YORK TIMES]

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One Response to “Citigroup Is Said to Be Close to Settling Inquiry Into Mortgage Securities”

  1. GuyFawkes says:

    Another meeting with Eric Holder, I presume?

    We got the Guillotine, you better run, we got the Guillotine.

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