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Citigroup to pay $7B under mortgage settlement
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Dodd-Frank Basics
Wednesday, July 16, 2014
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Citigroup Inc. will pay $7 billion — including a record $4 billion civil penalty — to resolve federal and state claims related to the bank’s conduct in the packaging, securitization, marketing, sale and issuance of residential mortgage-backed securities in the lead up to the financial crisis. The settlement requires Citigroup to provide relief to underwater homeowners, distressed borrowers and affected communities through a variety of means including financing affordable rental housing developments for low-income families in high-cost areas. Read on to learn more about the agreement.
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