New York will get $182 million in a national settlement with Citigroup resulting from an investigation into risky subprime mortgages that helped lead to the Great Recession, announced State Attorney General Eric Schneiderman.
The award is part of a $7 billion national settlement, and a a minimum of $90 million of New York’s $182 million is allocated to “consumer relief ” fund for struggling New Yorkers, which includes principal forgiveness on first and second mortgages, mortgage refinancing at lower interest rates and financial assistance for down payments and closing costs for first-time or returning home-buyers, reported Gannet Albany.
“Since my first day in office, I have insisted that there must be accountability for the misconduct that led to the crash of the housing market and the collapse of the American economy,” Schneiderman said in a statement.
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