Distancing itself from financial meltdown, Citigroup agrees to $7B settlement over mortgages
WASHINGTON - Citigroup will pay roughly $7 billion to settle an investigation into risky subprime mortgages, the type that helped fuel the financial crisis.
The agreement announced Monday comes weeks after talks between the two sides broke down, prompting the Justice Department to warn that it would sue one of the nation's biggest banks.
The settlement stems from the sale of securities made up of subprime mortgages which fueled the boom and bust that triggered the Great Recession in 2007.
Citigroup, among other banks, downplayed the risks of subprime mortgages when packaging them selling them to mutual funds, investment trusts, pensions, as well as other banks and investors.
J.P. Morgan is the only other major U.S. bank to settle so far, though Bank of America is reportedly in talks to do so.
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