--- title: Why You Should Care About the $7 Billion Citigroup Mortgage Settlement | TIME description: Citigroup paid $7 billion as part of a settlement with the Justice Department, but homeowners affected by toxic mortgages are still struggling. canonical: https://time.com/video/jvz4Y1uy/ og:title: Why You Should Care About the $7 Billion Citigroup Mortgage Settlement og:description: Citigroup paid $7 billion as part of a settlement with the Justice Department, but homeowners affected by toxic mortgages are still struggling. og:url: https://time.com/video/jvz4Y1uy/ og:image: https://cdn.jwplayer.com/v2/media/jvz4Y1uy/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: Why You Should Care About the $7 Billion Citigroup Mortgage Settlement twitter:description: Citigroup paid $7 billion as part of a settlement with the Justice Department, but homeowners affected by toxic mortgages are still struggling. twitter:image: https://cdn.jwplayer.com/v2/media/jvz4Y1uy/poster.jpg?width=720 --- # Why You Should Care About the $7 Billion Citigroup Mortgage Settlement > Sponsored content. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: Why You Should Care About the $7 Billion Citigroup Mortgage Settlement [Watch (HLS stream): Why You Should Care About the $7 Billion Citigroup Mortgage Settlement](https://cdn.jwplayer.com/manifests/jvz4Y1uy.m3u8) (1:01)  _Published 2014-07-15. Citigroup paid $7 billion as part of a settlement with the Justice Department, but homeowners affected by toxic mortgages are still struggling._ --- Jul 27, 2023 5:00 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [Grindr Owner's Billion-Dollar Divorce Settlement](/video/tzqQWjPo/) ### Grindr Owner's Billion-Dollar Divorce Settlement [What Kind of Mortgage is Best for You?](/video/jAmqF7YX/) ### What Kind of Mortgage is Best for You? [Reports: Citigroup Set For $7 Billion Deal With DOJ](/video/OhtZDUis/) ### Reports: Citigroup Set For $7 Billion Deal With DOJ --- ## Transcript The justice department, and Citigroup, have settled for about seven billion dollars over a case where the justice department was accusing Citigroup of essentially, creating toxic mortgage products. Citigroup had a role in creating these securities where they were supposed to be, looking at the loans that. Were beneath the security in ensuring their quality. And what the Justice Department said, was that Citi Group didn't do that and investors, were ended up, holding the bag with mortgages that were much worse than expected. While on the one hand, it may just look like this is all happening with money just getting passed around among people on Wall Street. Institutional investors who are. Ended up holding a lot of these toxic mortgages. investors in Citigroup who are no kind of essentially on the hook for these fines. Let's not forget that in the background there are a lot of homeowners who during the financial crisis and the mortgage crisis were left with mortgages they couldn't pay, homes that ultimately foreclosed upon and then there were just lots of homeowners. 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