Morning Scan: Citi Announces $7B MBS Settlement, Lower Profit

Breaking News This Morning ... Earnings: Citigroup Receiving Wide Coverage ... Settled: It's official. Citigroup and the Department of Justice reached a $7 billion mortgage-backed securities-related settlement. Here's the breakdown: a $4 billion cash penalty paid to Justice, $2.5 billion in mortgage relief for borrowers, and $500 million to state attorneys general and the Federal Deposit Insurance Corporation, the New York Times reports. The $4 billion payment is the largest to date. Citigroup said it would take aÂ...