Showing posts with label bank fraud. Show all posts
Showing posts with label bank fraud. Show all posts
Wednesday, November 9, 2011
Citi Settles fraud charges for $285 million But....
In a nutshell Citi packaged up a bunch of mortagages together and sold them to investors. At the very same time the Citi sales group was selling the mortgage / product another group within Citi was betting against the value of the product. In shorthand; making money coming and going - leaving others holding the bag.
While Citi and its Regualator the SEC have ageed on a $285 million dollar settlement the Judge appears to question the s settlement which he has not yet signed off on. Citi may be getting off far to easy. There is much more here. Stay tuned to see if the settlement sticks.
In the meantime if you have credit related questions we have answers at credit repair texas
Friday, October 8, 2010
Wall Street Loots Main Street
Let's take a look: more at the link
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Attorneys general in about 40 states may announce a joint investigation into foreclosures at the largest banks and mortgage firms, according to a person with direct knowledge of the matter.
State attorneys general led by Iowa’s Tom Miller are in talks that may lead to the announcement of a coordinated probe as soon as Oct. 12, said the person, who declined to be identified because a final agreement hasn’t been reached. The number of states may change because several are still deciding whether to join the investigation, the person said. New Mexico Attorney General Gary King said today in a statement that his state will join a multi-state effort.
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