Citigroup paid $250 million to resolve U.S. mortgage suit | Reuters

Citigroup paid $250 million to resolve U.S. mortgage suit | Reuters
"Citigroup Inc. (C.N) paid $250 million (152 million pounds) to taxpayer-owned Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB) to settle a lawsuit over soured mortgage securities, the regulator of the two housing finance firms said on Thursday.

General Electric Co. (GE.N) also paid $6.25 million to settle a similar suit, the Federal Housing Finance Agency said in a statement. Ally Financial Inc, the former parent of bankrupt Residential Capital LLC, paid $475 million.
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The banks are among 18 financial institutions that were sued in 2011 for allegedly misleading Fannie Mae and Freddie Mac, the biggest provider of housing finance in the United States, into buying more than $200 billion in mortgage-backed securities."