Skip to Content

Get Your FREE Consultation

Blog

CitiGroup to Pay $7 Billion to Settle Mortgage Fraud Claims

July 18, 2014

CitiGroup has agreed to pay $7 billion to settle charges that it packaged bad mortgages in the period leading up to the financial crisis. The settlement includes $4 billion in penalties, $2.5 billion in mortgage modifications and other relief to homeowners, and $500 million to be paid to a number of states and the Federal Deposit Insurance Corp.

The settlement heads off a civil lawsuit by the Justice Department similar to those pursued against other lenders in recent years. The CitiGroup settlement amount is roughly half the $13 billion JPMorgan Chase agreed to pay last November and also less than the $9.5 billion settlement that Bank of America reached in March with the regulator of government-controlled mortgage lenders Fannie Mae and Freddie Mac. Bank of America is in settlement talks with the Justice Department regarding a separate mortgage settlement with that agency.

TALK TO US NOW
FOR FREE
No Win, No Fee

Review Us

Martin & Jones, PLLC logo

“I would like to leave a testimonial thanking Steven and Allison for their care and understanding. Steven’s pursuit and success in getting some compensation for our loss. A final closure of our loss of brother Mike. Thanks to Martin & Jones for looking after Mike’s care since his injury in 2005. You have been there for Mike and his family for a long time. Mike passed in 2016 and you stood for the family up to the present (July 2017). Many thanks.”

Contact Our North Carolina Personal Injury Law Firm

for a Consultation for Your Accident or Medical Malpractice Claim

Call us at 800-662-1234
TALK TO US NOW
FOR FREE
No Win, No Fee

The law firm you choose makes a difference. If you are the victim of an accident or an illness that someone else caused, the North Carolina personal injury law firm of Martin & Jones has the depth of experience, skills and sensitivity to make your road to recovery as smooth as possible. Whether you have experience with the legal system or have never hired a medical malpractice or personal injury lawyer before, our attorneys and staff will do our best to answer your questions, provide clear advice and prepare you and your family for what to expect. If you would like more information or to meet with one of our attorneys, please fill out the form below or call us at 800.662.1234.