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Citigroup to pay $7B in subprime mortgages probe

FILE - This Wednesday, Dec. 5, 2012 file photo, shows a Citi Bank sign in Chicago. Citigroup will pay $7 billion to settle an investigation into risky subprime mortgages, the type that helped fuel the financial crisis. The agreement announced Monday, July 14, 2014, comes weeks after talks between the sides broke down, prompting the government to warn that it would sue the New York investment bank. The settlement stems from the sale of securities made up of subprime mortgages, which fueled both the housing boom and bust that triggered the Great Recession at the end of 2007. (AP Photo/Kiichiro Sato, File)WASHINGTON (AP) — Citigroup has agreed to pay $7 billion to settle a federal investigation into its handling of risky subprime mortgages, admitting to a pattern of deception that Attorney General Eric Holder said “shattered lives” and contributed to the worst financial crisis in decades, the Justice Department said Monday.

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