While Citi is a company that is extremely well known in the financial and the banking industry, they actually faced some big problems with their alleged case that they had right before the big financial crisis. Now, the settlement of this case already happened sometime during 2014 between the company and the federal government of five states. However, they were monitored by the third party citigroup monitor group Citimonitorship so that they would comply properly.
Back in July 2014, Citi settled a case for marketing and selling defective residential mortgage loans in anticipation for the financial crisis that was to happen after. Due to this, the federal government put them on trial and eventually reached a settlement of more than two billion dollars in consumer relief for the customers who we victimized. This meant that they had to give loan modifications, refinancing, home assistance, and compensation.
When the case was settled, a formal settlement agreement was made with one of the conditions being that they are monitored by a third party. The main job of Citimonitorship is to simply make sure that Citi pays the consumer relief regularly while giving the public updates. Since this party has no bias, they can objectively be transparent with all the data that they are showing.
To be a little more specific, the monitors are tasked to monitor the progress of the payments of Citi with regard to the consumer relief based on the Settlement Agreement. In accordance with this, several reports are provided quarterly to show to the public the progress of Citi. The first report was released some time during the early part of 2015.
Just to give an idea, the team is headed by partner of Jenner and Block LLP Thomas Perelli. Other people in the team include the other partners of the same company. These people are Emily Loeb, Jessica Hertz, Joseph Noga, and Peter Pope.
If ever one thinks that he or she is eligible to get some compensation or benefit from the relief, then he or she may call Citimonitorship to check that and do collection. As for amount, Citi is actually not entitled to promise a specific amount but rather, the amount will vary per consumer. In any case, anyone will be able to benefit anyway since he or she will still be able to get some money back.
What Citi would do to determine eligibility would be to simply follow the settlement agreement framework. The amount for giving back as consumer relief would depend on the records of loans that Citi has. From there, Citi will determine what method they will use in order to settle the amount based on the agreement.
Basically, those are some things to know about this case. If one believes that he or she is entitled to some help from the company, then he or she may seek help from Citimonitorship. However, a lot of consideration will be done first before giving out the money.
Back in July 2014, Citi settled a case for marketing and selling defective residential mortgage loans in anticipation for the financial crisis that was to happen after. Due to this, the federal government put them on trial and eventually reached a settlement of more than two billion dollars in consumer relief for the customers who we victimized. This meant that they had to give loan modifications, refinancing, home assistance, and compensation.
When the case was settled, a formal settlement agreement was made with one of the conditions being that they are monitored by a third party. The main job of Citimonitorship is to simply make sure that Citi pays the consumer relief regularly while giving the public updates. Since this party has no bias, they can objectively be transparent with all the data that they are showing.
To be a little more specific, the monitors are tasked to monitor the progress of the payments of Citi with regard to the consumer relief based on the Settlement Agreement. In accordance with this, several reports are provided quarterly to show to the public the progress of Citi. The first report was released some time during the early part of 2015.
Just to give an idea, the team is headed by partner of Jenner and Block LLP Thomas Perelli. Other people in the team include the other partners of the same company. These people are Emily Loeb, Jessica Hertz, Joseph Noga, and Peter Pope.
If ever one thinks that he or she is eligible to get some compensation or benefit from the relief, then he or she may call Citimonitorship to check that and do collection. As for amount, Citi is actually not entitled to promise a specific amount but rather, the amount will vary per consumer. In any case, anyone will be able to benefit anyway since he or she will still be able to get some money back.
What Citi would do to determine eligibility would be to simply follow the settlement agreement framework. The amount for giving back as consumer relief would depend on the records of loans that Citi has. From there, Citi will determine what method they will use in order to settle the amount based on the agreement.
Basically, those are some things to know about this case. If one believes that he or she is entitled to some help from the company, then he or she may seek help from Citimonitorship. However, a lot of consideration will be done first before giving out the money.
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