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Citi Edges Down as Bank Agrees $1.1 BLN Mortgage Settlement

proactiveinvestors.com | April 9, 2014

By Mourad Haroutunian

Citigroup Inc. (NYSE:C), the third-biggest U.S. bank, dropped in morning trading after saying it agreed to pay $1.12 billion to settle claims from mortgage-bond investors and incur a related charge of $100 million in the first quarter.

Citigroup Inc.ed down 0.3 percent to $46.40 at 10:15 a.m. in New York, extending this year's losses to 11 percent.

The New York–based bank said in a statement late yesterday that it reached the agreement with 18 institutional investors, adding that the settlement had resolved a significant issue left over from the financial crisis.

Citi has offered the settlement to the 68 Citi-sponsored mortgage securitization trusts that participated in the $59.4 billion residential mortgage-backed securities. Trustees have until June 30 to accept the deal.

Citigroup is resolving a portion of liabilities tied to mortgages it packaged and sold to investors in the run-up to the 2008 crisis. JPMorgan Chase & Co. (NYSE:JPM) and Bank of America Corp. (NYSE:BAC), the two largest U.S. lenders, previously agreed to multibillion-dollar settlements with Gibbs & Bruns clients.

“This settlement resolves a significant legacy issue from the financial crisis and we are pleased to put it behind us,” Citigroup said in the statement.

Last year, a federal judge approved a settlement in which Citi agreed to pay bondholders $730 million to resolve claims that the bank concealed its exposure to billions of dollars of toxic mortgage assets prior to the financial crisis.

Citi, which has 200 million customer accounts and does business in more than 160 countries and jurisdictions, is slated to report first-quarter earnings on April 14.


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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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