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Citigroup Subpoenaed in DOJ Probe of Mortgage-Backed Securities

Citigroup Subpoenaed in DOJ Probe of Mortgage-Backed Securities
Pedestrians walk past the Citigroup Inc. Center building in San Francisco. Photographer: David Paul Morris/Bloomberg

Feb. 24 (Bloomberg) -- Citigroup Inc. received a subpoena on Jan. 27 from the U.S. Department of Justice amid state and federal investigations into the bank’s role in creating mortgage-backed securities.

The bank has also received other subpoenas and requests for information during the inquiries, the New York-based company said in its annual regulatory filing today.

The Justice Department held a news conference that same day in January, describing a new U.S. government unit that will investigate misconduct in the bundling of loans into securities that may have fueled 2008’s credit crisis. The department subpoenaed 11 financial firms in the days beforehand, Attorney General Eric Holder said at the time.

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To contact the reporter on this story: Donal Griffin in New York at dgriffin10@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net

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