Tag Archives: Citigroup

With Citigroup paying up, will feds’ attention now turn to BofA?

by E. Scott Reckard, Jim Puzzanghera, The Los Angeles Times

Bank of America logo

With Citigroup Inc. agreeing to pay $7 billion for issuing toxic mortgage securities, the Justice Department now turns to settling its case against what analysts call the biggest mortgage miscreant of all: Bank of America Corp. In the Citi deal, California will be among several states that will share in the settlement. Citi will pay California $102.7 million to offset losses at its public pension funds, primarily the California Public Employees’ Retirement System. California also is guaranteed at least $90 million in consumer relief, the most of any state. Read More ›