Citigroup to pay $7bn over mortgage crisis

US financial giant agrees to payment to settle federal investigation into its handling of risky sub-prime mortgages.

    Citigroup, the US financial giant, has agreed to pay $7bn to settle a federal investigation into its handling of risky subprime mortgages.

    The firm admitted to a pattern of deception, which the US Attorney General Eric Holder said "shattered lives" and contributed to the worst financial crisis in decades.

    It is the second largest settlement paid for by a Wall Street bank in the wake of the 2008 economic crisis, and other banks are still under investigation.

    Al Jazeera's Rosiland Jordan reports from Washington.

    SOURCE: Al Jazeera


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