Citigroup Settlement Includes Mortgage Relief, Local Assistance For Land Banks

[hrmjustin]

Nick Reisman

New York’s $182 million share of the nationwide $7 million Citigroup settlement includes at least $90 million in mortgage relief as well as directing funding for land banks and community development agencies aimed at housing for low-income earners, Attorney General Eric Schneiderman’s office on Monday announced.

The settlement is part of the national working group co-chaired by Schneiderman that is investigating the causes of the 2008 housing meltdown.

The settlement with Citigroup requires that it acknowledges it made misrepresentations to the public relating to the use of exotic investment products such as the packaging and sale of residential mortgage-backed securities.

http://www.nystateofpolitics.com/2014/07/citigroup-settlement-includes-mortgage-relief-local-assistance-for-land-banks/