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California said to share in U.S. mortgage settlement with Citigroup
California said to share in U.S. mortgage settlement with Citigroup

California will share in the U.S. Justice Department's multibillion-dollar settlement with Citigroup Inc. over defective mortgage investments the Wall Street giant peddled during the housing boom, according to people briefed on the negotiations. New York is also among several states to receive payments in addition to the federal government, the people said Wednesday, speaking on condition of anonymity because the negotiations were continuing. Citigroup would pay roughly $7 billion, with about $4 billion in cash and the rest in the form of mortgage modifications and other consumer relief under the impending settlement, which was first reported Tuesday by the Wall Street Journal. The...

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