Doj Settles Subprime Mortgage Dispute With Citigroup For 7 Billion
It’s not about the size of the company – it’s about the culpability and level of misconduct during the subprime mortgage bubble that preceded the 2008 financial crisis. That’s the message the Department of Justice is sending after today’s settlement with Citigroup. While the company opened negotiations with a $363 million offer, and the DOJ demanded $12 billion, the approximately $7 billion deal struck is this: a $4 billion civil penalty paid to the Justice Department, $500 million paid to the Federal Deposit Insurance Corp....