SEVERE THUNDERSTORM WATCH

Until 10 PM

The National Weather Service in Grand Rapids and northern Indiana issues a SEVERE THUNDERSTORM WATCH for Van Buren, Kalamazoo, Calhoun, Berrien, Cass, St. Joe, and Branch counties until 10 PM.  Damaging wind gusts of 60 mph or greater are the primary concern.  Large hail of 1" in diameter or larger is a close second.  We'll be tracking storm development with Live Doppler Radar throughout your afternoon and evening.  Storm motion is easterly at 30 to 50 mph.  Stay with wwmt.com for the latest weather information!

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Citigroup settles subprime mortgage case for $7B

Updated: Monday, July 14, 2014

WASHINGTON (AP) - Citigroup will pay roughly $7 billion to settle an investigation into risky subprime mortgages, the type that helped fuel the financial crisis.
    
The agreement announced Monday comes weeks after talks between the two sides broke down, prompting the Justice Department to warn that it would sue one of the nation's biggest banks.
    
The settlement stems from the sale of securities made up of subprime mortgages which fueled the boom and bust that triggered the Great Recession in 2007.
    
Citigroup, among other banks, downplayed the risks of subprime mortgages when packaging them selling them to mutual funds, investment trusts, pensions, as well as other banks and investors.
    
J.P. Morgan is the only other major U.S. bank to settle so far, though Bank of America is reportedly in talks to do so

U.S. | World News

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