Illinois is getting 84-million dollars from Citigroup. It’s part of a 7-billion-dollar settlement the bank made with the federal government over its role in the 2008 financial crisis.
Half the funds will restore money that was lost to the state’s pension system when it invested in Citigroup’s risky subprime mortgage-backed securities. Lisa Madigan is Illinois’s state Attorney General :
"Forty-four million dollars of the settlement funds will be distributed to assist Illinois communities, including financial assistance for homeowners and renters and for blight reduction initiatives in areas that are still struggling to recover from the housing crisis.”
This is the second settlement Madigan has reached as part of her role on President Obama’s Financial Fraud Enforcement Task Force.