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Citigroup Faces $200 Million Fine for 'Predatory Lending'

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Verne Hebert

Senior Member
Joined
Feb 25, 2002
Professional Status
Certified General Appraiser
State
Montana
Unfortunately the fines imposed in society for most aggregrious acts is so pathetically "small" ($200 million) that they are perceived in the business strategy as a cost of doing business (overhead)--no different than advertising, telephones, and office products.

This, really, is no different that the Columbian drug cartel losing 50 or 100 loads of cocaine a year---Oh Well! There is a little attrition in every war.

But the bottom line still looks real good!

Some folks need to go to jail. No color TV's, no ping pong. And they should be given a "senior" roommate.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
A lot of this was due to the Associates flipping homeowners to the point that they owed more on the home than it was worth. The fine should have been greater, IMHO. After all, the assets that Citifinancial purchased were obtained by, in large amount, through mortgage fraud.
 
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