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CitiGroup Settlement Includes $45.7M Payment To Commonwealth

bankerandtradesman.com | July 15, 2014

CitiGroup Inc. will pay $7 billion in a joint federal-state settlement over its mortgage-backed securities activities, Attorney General Martha Coakley said today.

That figure includes $2.5 billion to be set aside for consumer relief like loan modifications, $500 million to be used to compensate investors and other state relief and $4 billion in civil penalties. Of the $2.5 billion for consumer relief, $10 million will be made available for only Massachusetts borrowers, with additional relief available as needed.

The settlement between CitiGroup and the Department of Justice along with four other states also includes a $45.7 million direct cash payment to the commonwealth, of which $6.5 million will go to the Pension Reserves Investment Management Board, more than $15 million to direct consumer relief and the rest to the common wealth.

"Since 2009 our office has led the way in holding Wall Street securitizers accountable, and this cooperative federal-state enforcement action uses that blueprint to recover billions across the country," Coakley said in a statement.

The settlement with CitiGroup is the seventh of its kind to result from Coakley's investigation into Wall Street investment banks' unscrupulous securitization practices. Coakley's office has previously settled with Countrywide Securities Corp., JPMorgan-Chase, Barclays Bank, RBS, Morgan Stanley and Goldman Sachs over their roles in the economic crisis.

CitiGroup and its subsidiaries played a significant role in the securitization of residential home mortgages. Many of these mortgages were subprime loans that were sold to consumers with cheap short term teaser rates. CitiGroup and its subsidiaries bundled the loans into investment pools and sold notes to investors backed by these unfair loans. Investors, including government investors, suffered significant losses when the market crashed and the nature of these mortgage securitizations became clear.

 

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