Citigroup admits mortgage fraud in $158-million settlement,0,2857186.story

Citigroup Inc. is paying $158 million to settle accusations that it took advantage of a federal mortgage insurance program.

In a settlement with the Justice Department, Citi admitted that it provided misleading information about the quality of its mortgages to a federal insurance program run by the Department of Housing and Urban Development. The government provided backing for the mortgages and ended up losing millions when the borrowers defaulted.

DISCLAIMER: The views and opinions expressed in these forums do not necessarily reflect those of Catholic Answers. For official apologetics resources please visit