Thursday, June 06, 2013
Keeping us informed
I guess if the Federal Housing Finance Agency had settled with Citigroup for hundreds of millions of dollars they would have shouted it from the rooftops. The agency had accused Citigroup of violating securities
laws and making misrepresentations about $3.5 billion of
mortgage bonds that it sold to Fannie and Freddie during the
housing bubble. But, as happens so often with big miscreants, the government settled the case. No one was charged, some company money was paid, Citigroup resolved to be a good boy. Everybody is happy except we don't know what we should be happy about. Why won't the agency tell us what the deal was? Was it that bad a deal?
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