Citigroup to Pay $7 Billion in Mortgage Probe

On Monday, July 14, 2014, the bank agreed to pay $7 billion, including a $4 billion civil penalty to the Justice Department, $500 million to the Federal Deposit Insurance Corp. and several states, and $2.5 billion earmarked for “consumer relief,” to settle the United States government’s allegations it knowingly sold shoddy mortgages ahead of the crisis.

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