Tags: SEC | Probes | Citi | Mortgage

Report: SEC Probes Citi's Role in $1 Billion Mortgage Deal

Thursday, 18 Nov 2010 12:37 PM

 

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The U.S. Securities and Exchange Commission is investigating Citigroup Inc.'s role in a $1 billion mortgage-backed securities deal in 2007, ProPublica reported Thursday, citing people familiar with the probe.

Citigroup "improperly pushed an independent manager to put specific assets" in a collateralized debt obligation it created in February 2007, ProPublica said, citing the people.

The deal, which was backed by other CDOs that were backed by slices of subprime mortgages, was managed by Credit Suisse Alternative Capital, according to the report.

Calls to Citigroup and Credit Suisse were not immediately returned. Citigroup shares were up 1.4 percent at $4.25 Thursday morning.

© 2014 Thomson/Reuters. All rights reserved.

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