DOJ agrees to settle with Citigroup over issues regarding RMBS

$7 billion settlement figure will be split between civil penalties and relief for homeowners

If you had a dollar for every mortgage probe settled over the last five years, you might have a figure close to one of the settlement amounts…well that may be a bit of an exaggeration, but there’s no denying the frequency of such settlements has increased dramatically following financial meltdown of the late aughts.

Citigroup becomes the most recent to settle, agreeing on July 14 to fork over $7 billion to the Department of Justice (DOJ) to settle investigations and multiple state and federal lawsuits concerning the questionable residential mortgage backed securities (RMBS) the bank sold on the run up for to the financial crisis.

Executive Editor

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Chris DiMarco

Chris DiMarco, Executive Editor of InsideCounsel magazine, has a background in multimedia production with previous involvement in projects in which he developed and created content...

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