By Brooklyn Reader

July 15, 2014, 6:00 am

 

Eric Schneiderman

Eric Schneiderman

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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One Response

  1. Robert j. Gordon

    I believe I was a predatory lending victim of citi. How can this program help me? I Have a 8.8% mort. on a home valued at roughly 65% of original loan amount. home was never appraised by citi prior to refinance. applied for and closed loan same day in syracuse citi office around 2000 or 2001. tried to refi. at lower int. rate through citi a year or so ago.however after more than a decade of payments my house was not appraised high enough, [ by the appraiser they designated] to hit the 80% loan to value they require. Can you help me in this matter? thank you ,Robert J. Gordon

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