Citi was warned about defective mortgages, testimony reveals:

The Financial Crisis Inquiry Commission heard testimony that former Citigroup executive Robert Rubin was warned in 2006 that 60% of mortgages repackaged and sold by the company were defective. Richard Bowen, Citi's former business chief underwriter, said he alerted Rubin to the problem, then "received a very brief phone call from a general counsel within the company. He said they were doing background research and didn't need to talk to me."

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