Money Minute: Citigroup Customers Await Big Mortgage Relief


If you have a mortgage serviced by Citigroup you could be eligible for some mortgage relief.

Citigroup (C) has agreed to pay $7 billion to settle charges it misled investors about the quality of its mortgages before the financial crisis. Of that amount, $2.5 billion is going to consumers. The money is being doled out in a variety of ways. There will be loan modifications, refinancing available to lower interest rates and assistance on down payments and closing costs for those negatively impacted by Citi. Marketwatch reports roughly 1 million customers will be eligible for some kind of assistance and Citigroup will contact you if you are.

Timothy A. CLARY, AFP/Getty Images
The Federal Communications Commission is getting an earful on the issue of "net neutrality." The regulatory body has received more than 677,000 comments about whether broadband companies should be allowed to give preferential treatment to content providers. At issue is whether some sites will be able to transmit their content faster than others. No one seems happy with the current proposal that seeks to enforce net neutrality but has loopholes that would allow for preferential treatment. All seem to agree that Internet freedom is an increasingly important conversation to have.

Stocks rallied on Wall Street on Monday, with the Dow Jones industrial average (^DJI) breaking past its record and then retreating again. By day's end, the Dow was up 111 points, the Nasdaq composite (^IXIC) had picked up 25 and the Standard & Poor's 500 index (^GPSC) had gained 9 points.

Atlantic City is having a string of bad luck. The Trump Plaza Hotel and Casino just announced it is shutting its doors around Sept. 16. That likely means job losses for more than 1,000 employees. This is just the latest establishment to close in the resort town this year. The Atlantic Club Casino Hotel went out of business and fired 1600 workers last January and the Revel Casino Hotel might have to let 3100 employees go next month if it can't find a solution to its bankruptcy problems. The gambling mecca has struggled with competition from other casinos closer to New York City and Philadelphia, which have opened in recent years.

And finally, 3-D printers are going mainstream. MakerBot, one of the first companies to come out with relatively low cost 3-D printers, is teaming up with Home Depot (HD). The retailer has just launched a pilot project in 12 of its stores that seeks to entice more do-it-yourself types through demonstrations that show what makerbots can make. The printers and scanners will be sold online and at Home Depot stores in California, New York and Illinois. But the devices don't come cheap. They retail for $800 to $2,900.

-Produced by Karina Huber.

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Who held a gun to these people's heads that couldn't afford and shouldn't have bought a house?

July 15 2014 at 5:23 PM Report abuse rate up rate down Reply

Let's see, the banks, wall street,and the insurance companies along with our politicians that allowed this and than tried to hide the true cost, a cost that is inthe trillions of dollars and still going. they get fined a few billion, that they will never pay at all or only pay a portion, than turn around and write this off on the very low taxes they pay anyway and the taxpayer gets saddle with the entire cost of the bail out. Now the government says the economy lost 14 trillion dollars, which means, at least 3 times that amount.

July 15 2014 at 12:49 PM Report abuse rate up rate down Reply


July 15 2014 at 12:16 PM Report abuse +1 rate up rate down Reply