Citigroup Nears $7 Billion Deal to Resolve Mortgage Probe

CitiThis group of big banks sunk the US Economy, cost the US Taxpayer billions of dollars, caused millions of homeowners their homes and not one of these criminals spent a day in jail. When you consider that the Justice Department routinely hands out multiyear sentences for fraud to the little guys it hardly seem fair. When Mr. Holder said that they are too big to fail it should have tipped us off to the “Working Relationship” that the government has with the big banks. For a more detailed look at this subject – please read the article below.

The FHA Condos Approval Company, Inc.

Please +1 Us on Google, Follow Us on Twitter or Like Us on facebook

Citigroup is close to a deal with the Department of Justice to resolve allegations that the bank sold defective mortgage backed securities in the lead up to the financial crisis, according to a report by the Wall Street Journal late Tuesday night.

Citing people familiar with the matter, the report claims that the settlement negotiations are getting close to finalizing a settlement of $7 billion. Officials from Citigroup and the Justice Department both declined comment on the ongoing negotiations.

According to people familiar with the matter, the deal will include $4 billion in cash payments to the federal government, with the rest coming in the form of borrower relief. The negotiations had been stalled until Citigroup reportedly upped their cash offer from $1 billion recently.

The deal would be the latest in a series of agreements between the government and major banks as the Justice Department seeks to apportion blame and repay the taxpayers for the part that the banks played in the events that caused the large scale economic downturn of the previous decade, a hole that the economy is still trying to dig out of to date.

To read the complete article – please use the link below.

Citigroup Nears $7 Billion Deal

Explore posts in the same categories: Real Estate Market Trends

Tags: , , ,

You can comment below, or link to this permanent URL from your own site.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: