Citi To Pay $7B To Settle Mortgage Investigation; Includes $2.5B In Consumer Relief

Citi To Pay $7B To Settle Mortgage Investigation; Includes $2.5B In Consumer Relief

Nearly a week after it was first reported that Citigroup and the U.S. Justice Dept. had reached a deal to close the government’s investigation into toxic mortgage-backed securities sold by the bank in the years leading up to the crash of the housing market, Citi has now confirmed a settlement valued at a total of $7 billion. [More]

Citi Reportedly Ready To Pay $7 Billion For Selling Shoddy Mortgages

Citi Reportedly Ready To Pay $7 Billion For Selling Shoddy Mortgages

A half-decade on from the collapse of the housing bubble, it looks like the Justice Dept. and Citigroup may have finally reached a deal that will have the bank forking over several billion dollars to close the book on allegations that it sold off a large number of worthless mortgages in the lead-up to the 2008 crash. [More]

Only A Third Of Bank ATMs Using Windows XP Have Upgraded Ahead Of April 8 Deadline

Only A Third Of Bank ATMs Using Windows XP Have Upgraded Ahead Of April 8 Deadline

Banks all over the world have known since 2007 that Microsoft would stop support for ATMs running Windows XP on April 8 of this year, but with that deadline looming, only one-third of those 2.2 million machines have upgraded their outdated software. [More]

(Atwater Village Newbie)

Citi To Pay Nearly $1 Billion To Fannie Mae For Toxic Mortgages

Ever since taxpayers bailed out Fannie Mae, the mortgage-backer has been trying to get some of the nation’s largest lenders to buy back the toxic loans that had been sold to the company before the housing bubble went POP. Today, Citi announced that it has agreed to pay $968 million to Fannie Mae to put an end to its part in the matter. [More]

(eric_harvieux)

Bank Of America, Comcast Among Familiar Names In List Of Least Reputable Companies

Once again, the folks at Harris Interactive have released their Reputation Quotient Report, which rates public perception of 60 highly visible companies. Regular readers of Consumerist will not be shocked to see which companies brought up the rear this year. [More]

(WmHerbert)

Citigroup Is Suddenly Without Its CEO And COO, After Both Abruptly Resign

With no specific reasons given, Citigroup CEO Vikram Pandit and Chief Operating Officer John Havens both resigned their positions this morning. [More]

Banks Working On Linking Up Their Payment Systems To Make Person-To-Person Mobile Transfers Easier

Banks Working On Linking Up Their Payment Systems To Make Person-To-Person Mobile Transfers Easier

The way younger generations are glued to their smartphones, there’s almost nothing they can’t do with the swipe of a touch screen. Old-fashioned things like writing checks or even paying a roommate with cash is such a bother to some, but yet transferring money to other people with apps hasn’t really caught on like the banking industry figured it would. That’s why the nation’s big four are discussing how they can link up their payment systems to make it easier for consumers to send money via mobile devices or even emails. [More]

The 26 Top CEOs Who Made More Than Their Companies Paid In Federal Taxes

The 26 Top CEOs Who Made More Than Their Companies Paid In Federal Taxes

Once again, it’s time for the annual Institute for Policy Studies report on which top CEOs are earning more money than the companies they work for are paying out to federal government in taxes. [More]

Man Who Helped Citigroup Become A Megabank Says Megabanks Should Be Broken Up

Man Who Helped Citigroup Become A Megabank Says Megabanks Should Be Broken Up

Call it an about-face, a switcheroo or an epiphany, but whatever you call it, ex Citigroup CEO Sandy Weill is surprising plenty of people in the industry by saying megabanks should be broken up. This, from the man who helped steer Citigroup to its current ginormous conglomerate status. [More]

Citibank Doesn't Want Your Gross Punctuation Marks

Citibank Doesn't Want Your Gross Punctuation Marks

Sandra wanted to contact Citibank about a fee, and figured that contacting them using secure account e-mail from within their site was a good way to do it. When she tried to send the message, the system rejected it, telling her to remove any special characters. “What special characters?” she asked. Turns out the e-mail form didn’t like quotation marks. At least it wasn’t apostrophes? [More]

Citi Shareholders Sue Bank's Directors For Paying Executives Too Much

Citi Shareholders Sue Bank's Directors For Paying Executives Too Much

Earlier this week, the shareholders of Citigroup said “hell no!” to the notion of paying company CEO Vikram Pandit $15 million. Today, they took their anger a step further and filed a lawsuit in federal court, saying Citi execs should not be rewarded for doing a so-so job. [More]

Citigroup Shareholders Vote Against CEO's $15 Million Raise

Citigroup Shareholders Vote Against CEO's $15 Million Raise

Score one for the little guys, where the little guys are shareholders of Citigroup and the Goliath in need of a slingshot of reality is its CEO seeking a $15 million raise. Sure, he only made $1 the year before, but this is big news as it’s the first times shareholders have rejected the executive pay package at a major bank since the Dodd-Frank act made votes mandatory a year ago. [More]

Federal Judge Signs Off On $25 Billion Mortgage Settlement With Top 5 Banks

Federal Judge Signs Off On $25 Billion Mortgage Settlement With Top 5 Banks

It’s just like reality TV, but not at all — America, here are your top five big greedy banks, and here is the $25 billion mortgage settlement they’re all going home with, now that a federal judge has approved it. That’s their load to carry, after allegations of foreclosure abuses and misconduct in servicing home loans. [More]

Worst Company In America Sweet 16: Bank Of America Vs. Citi

Worst Company In America Sweet 16: Bank Of America Vs. Citi

A perennial Golden Poo favorite slips into a red, white and blue unitard and struts into the WCIA Rollerball arena to the strains of Hulk Hogan’s “Real American,” thinking this is the year they win it all… Well, not if a scrappy underdog from New York City has anything to say about it. [More]

Please Join Us In Welcoming Your Worst Company In America 2012 Sweet 16!

Please Join Us In Welcoming Your Worst Company In America 2012 Sweet 16!

The floor of the Worst Company In America BattleDome is stained with the blood of the vanquished. But only one company can earn the privilege of placing the WCIA Golden Poo in its trophy case, so the violence must continue. [More]

How Much Have The Big Banks Been Penalized Over Mortgage Mess And Where Is All That Cash Going?

How Much Have The Big Banks Been Penalized Over Mortgage Mess And Where Is All That Cash Going?

The last few years have seen numerous settlements between the nation’s biggest mortgage lenders and various federal and state authorities. And while we hear numbers like “a total of $25 billion,” exactly which banks are responsible for the biggest chunks of these settlements? [More]

Helpful Stranger Delivers Your Mail, Curses Out Your Bank

Helpful Stranger Delivers Your Mail, Curses Out Your Bank

It’s just plain heart-warming when a stranger does something nice for you. When Efrem’s box of new checks from Citibank went astray, the person who did receive them brought them by, with a helpful note about Efrem’s choice of financial institutions. “Citibank sucks,” the Good Samaritan wrote. “I would not trust [these] MFers with my money.” [More]

Citibank May Have Double-Charged Customers Using Its Bill-Pay App

Whoopsadaisy! Citigroup has accidentally been charging many customers more than what they owe for months, with some of them not even realizing it was going on until the bank sent out a notification. Cit’s bill-pay app for iPads was the culprit in many cases, charging customers twice what they owed for bills or mortgage payments. [More]