DENSE FOG ADVISORY

Until 10 AM

The National Weather Service issues a DENSE FOG ADVISORY for all of West Michigan until 10 AM.  Fog may linger in some locations until midday.  Light winds, ample moisture near the ground are encouraging the formation of dense fog.  Because temperatures are near freezing, a light coating of ice may form on some road surfaces making them slick.  Please keep it safe this morning as you head back to work and school.

Stay with wwmt.com for your weather today and always!

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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

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