Citigroup Is Being Hit From All Sides In The Mortgage Scandal
dailynewspulse.com | Feb 28, 2011
Citigroup acknowledged that federal and state regulators were investigating its foreclosure processes, which could result in increased expenses, fines and other legal remedies like a program to reduce the principal amount owed on some loans. While Citigroup has determined that “the integrity of its current foreclosure process is sound and there are no systemic issues,” it warned that it could be adversely affected by industrywide regulatory or judicial action.
Bank of America Sued by Investors Seeking to Unload Loans
Bloomberg.com | Feb 23, 2011
Bank of America Corp., the biggest U.S. bank by assets, was sued by investors in mortgage-backed bonds who are seeking to force the bank to buy back loans underlying their securities.
Citigroup Settles Fraud Cases Tied to Texas Mortgage Assigner
Bloomberg | Feb 7, 2011
Citigroup Inc., the third-largest U.S. bank, settled or lost at least five claims in 2010 brought by borrowers who accused the bank of filing fraudulent mortgage documents provided by a Texas firm.
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