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Citigroup Enters $158M Mortgage Fraud Settlement with U.S.

Citigroup has agreed to pay $158.3 million to settle claims that its mortgage unit duped the U.S. government into insuring risky mortgage loans for over six years.

By Associated Press | Updated on February 17, 2012

NEW YORK (AP)—Citigroup has agreed to pay $158.3 million to settle claims that its mortgage unit duped the U.S. government into insuring risky mortgage loans for over six years.

The government said Wednesday that Citi Mortgage certified 30,000 mortgages for insurance provided by the Federal Housing Agency and submitted many certifications that were “knowingly or recklessly false.”

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