S&P 500
7,226.20
+0.01%
Dow Jones
49,494.60
-0.62%
Nasdaq 100
27,685.40
+0.66%
Russell 2000
2,804.78
-0.02%
FTSE 100
10,364.50
0.00%
Nikkei 225
59,260.50
-0.78%

Investing

Citigroup Pays $158 Million to Settle NY Mortgage Case (C)

Photo of Paul Ausick
By Paul Ausick Published
Follow 24/7 Wall St. on Google
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Citigroup Inc. (NYSE: C) has agreed to pay $158 million to settle a lawsuit in which the bank admitted to defrauding a federal insurance program out of millions of dollars. The payment is not included in Citigroup’s $2.2 billion portion of the recent $26 billion mortgage foreclosure settlement.

One particularly interesting thing about this settlement is that Citi admitted, acknowledged, and accepted responsibility for the fraud. The bank certified some 30,000 mortgages for insurance, submitting certifications that it knew were false or misleading.

Photo of Paul Ausick
About the Author Paul Ausick →

Paul Ausick has been writing for a673b.bigscoots-temp.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

Continue Reading

Douglas A. McIntyre |

Should Goldman Sachs Back Down?

Wall St. and legal experts have begun to question whether Goldman Sachs Group (NYSE: GS) should settle charges by the…
Jon C. Ogg |

J.P. Morgan Fines and Settlements Getting Too Big to Ignore: Earnings and C-Suite Woes Next?

ThinkstockJ.P. Morgan Chase & Co. (NYSE: JPM) seems to be entering a no-win scenario when it comes to finances and…
Jon C. Ogg |

MGIC Struggles for Viability & Relevance (MTG, PMI, MBI)

MGIC Investment Corporation (NYSE: MTG) is one of the troubled mortgage insurers which we routinely worry about for both viability…
Chris Lange |

What a Combined Susquehanna and BB&T Will Look Like

BB&T announced Wednesday morning that it will acquire Susquehanna Bancshares in a $2.5 billion agreement.
Douglas A. McIntyre |

GOLDMAN SACHS GETS GUILTY UNTIL INNOCENT TREATMENT

Goldman Sachs Group (NYSE: GS) may have done several terrible things including an alleged sale of mortgage-backed securities to financial firm…
Douglas A. McIntyre |

JP Morgan May Take Over Bank Of America

There is a rumor circulated on Wall St. that JP Morgan (NYSE: JPM) will take over Bank of America (NYSE:…
Paul Ausick |

Foreclosed Borrowers to Begin Receiving Checks

ThinkstockThe Office of the Comptroller of the Currency and the Federal Reserve said today that 4.2 million borrowers will begin…
Jon C. Ogg |

Is $13 Billion Finally the Last Major Settlement for JPMorgan?

Wikimedia CommonsJamie Dimon of J.P. Morgan Chase & Co. (NYSE: JPM) may still be a great banking CEO, but he…
30 Scandals That Cost Companies Billions in Fines
247patrick |

30 Scandals That Cost Companies Billions in Fines

When found guilty of wrongdoing, corporations may suffer not only a public relations disaster, but a major blow to their…

Top Gaining Stocks

Cboe Global Markets
CBOE • Vol: 1,568,143
New Pluto Global
PSKY • Vol: 12,285,993
Seagate Technology
STX • Vol: 7,378,346
Oracle
ORCL • Vol: 26,317,675
Datadog
DDOG • Vol: 6,247,779

Top Losing Stocks

LKQ
LKQ • Vol: 4,367,433
Clorox
CLX • Vol: 13,260,523
Stryker
SYK • Vol: 4,519,455
Mohawk Industries
MHK • Vol: 1,859,865
Amgen
AMGN • Vol: 3,818,618