Citigroup Inc. said late Wednesday that it will pay $395 million to Freddie Mac to settle accusations that the bank misrepresented mortgage-backed securities that it sold to Freddie
The settlement covers 3.7 million loans
Notably, it doesn't cover only loans made in the run-up to the financial crisis: Instead, it covers loans made between 2000 through just last year
Citi could still be fined over its sale of other mortgage-backed securities
The bank says it has enough cash stashed away for potential future settlements
Other big banks have faced similar accusations, and news broke late Wednesday that J.P. Morgan Chase & Co. might pay as much as $11 billion to settle federal and state investigations into its own sales of mortgage-backed securities
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WASHINGTON (MarketWatch) -- The Federal Housing Administration may need an infusion of at least $1 billion from taxpayers at the end of this month, according to a Wednesday Wall Street Journal report that cited people familiar with the matter. In April the White House had estimated that the FHA, which insures mortgages, might need a $943 million Treasury Department credit this year because its reserves would be unable to cover projected losses over the next 30 years. Without losses from FHA's reverse-mortgage portfolio, there would have been a surplus, officials said in April. The WSJ story said a final figure for FHA's infusion hasn't been determined yet
Indirect bidders buy 42% of 7-year note auction
7 Year Treasury Note/quotes/zigman/4868264/delayed 7_YEAR 2.02 +0.02 +0.90% See All Quotes (1) 1:06p
Bidders offer $2.46 for each $1 in 7-yr debt sold
7 Year Treasury Note/quotes/zigman/4868264/delayed 7_YEAR 2.02 +0.02 +0.90% See All Quotes (1) 1:05p
Treasury sells $29 bln in 7-year debt at 2.058%
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