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July 14th, 2014
08:41 PM ET
Citi to pay $7B mortgage settlement
Citigroup agreed to pay $7 billion to settle charges that it packaged bad mortgages during the run-up to the financial crisis.
It includes $4 billion in penalties, $2.5 billion in mortgage modifications and other relief to homeowners, and $500 million going to five states and the Federal Deposit Insurance Corp.
The settlement means Citi will be able to avoid a civil suit by the Justice Department and mirrors similar agreements with JPMorgan Chase (JPM) and other lenders in recent years.
While Citi took a $3.8 billion hit because of the deal, which essentially wiped out its earnings for the quarter, it can afford it. Last year, the bank earned $14 billion and had $35 billion of cash on its balance sheet as of June 30.
On Twitter
William Hughes, who was hospitalized with Covid, shares his message for those opposing the vaccine.
"Go get the vacâ€twitter.com/i/web/status/1…cy
RT @ScottGottliebMD: The wide divergence between these models suggests difficulty modeling this epidemic wave of delta, likely reflecting i…
They should be 100% transparent about this. Otherwise they add to fears about what breakthrough really means. twitter.com/jdawsey1/statu…
RT @ericuman: Just 43 percent of NYPD cops have been vaccinated.
That’s up just two points from early June.
Keep in mind, people often…
RT @The_ItAlien: So glad we had Dr. Bolding on the show tonight. Just 36% of people in Arkansas are fully vaccinated.
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