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.