“Citigroup Inc. will provide $7 billion in cash and consumer relief to settle federal and state investigations into the sale of defective mortgage investments during the subprime housing boom, the Wall Street giant and federal officials said Monday.

California is among several states that will share in the settlement, which includes a record $4 billion in civil fines and $500 million in repayments for public pension fund and other losses, plus $2.5 billion in consumer relief.

Citigroup announced Monday that it will pay roughly $7 billion to settle a federal investigation into risky subprime mortgages,

Citi will pay California $102.7 million to offset losses in its public pension funds, according to Atty. Gen. Kamala Harris’ office. California also is guaranteed at least $90 million in consumer relief, the most of any state.”* The Young Turks host Cenk Uygur breaks it down.

*Read more here from Jim Puzzanghera & E. Scott Reckard / LA Times:
http://www.latimes.com/business/la-fi-citigroup-subprime-mortgage-settlement-20140714-story.html

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