One may know about Citi as one of the biggest American investment banks that provide various financial services to various customers across different sectors. While most people know this side of Citigroup, what most are not that are of would be an alleged case they had back in July 2014. Due to this case, they were assigned a citigroup monitor called Citimonitorship to check on them as per the settlement agreement of the case.
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.
In order to make sure that the public knows exactly what is going on, Citimonitorship would send regular reports on the progress of the payments. The reports will be based on the outline of the Settlement Agreement that was made beforehand. Following that, the very first report that came out by the monitoring group was sometime around 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.
Now, if one feels like he or she is a part of this group of people that deserve to get compensation, then he or she may contact Citimonitorship to get more details. Do take note though that those who are part of this consumer relief program are not entitled to a specific amount. They will, however, get some benefits from the relief program.
In order to determine those who are eligible, Citi will follow the settlement agreement as its framework. They will also base the amount on their own records of credit and loan criteria that they provided. They then have the choice to choose how they will settle the amount based on the outline given in 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.
In order to make sure that the public knows exactly what is going on, Citimonitorship would send regular reports on the progress of the payments. The reports will be based on the outline of the Settlement Agreement that was made beforehand. Following that, the very first report that came out by the monitoring group was sometime around 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.
Now, if one feels like he or she is a part of this group of people that deserve to get compensation, then he or she may contact Citimonitorship to get more details. Do take note though that those who are part of this consumer relief program are not entitled to a specific amount. They will, however, get some benefits from the relief program.
In order to determine those who are eligible, Citi will follow the settlement agreement as its framework. They will also base the amount on their own records of credit and loan criteria that they provided. They then have the choice to choose how they will settle the amount based on the outline given in 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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