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.
Now, the case involved Citi selling defective mortgage loan packages just right before the big financial crisis that happened some time during 2008. In 2014, the case was eventually settled and the federal government demanded that the company pay a consumer relief amounting up to $2 billion to those who bought or were affected by the loans. They will give refinancing, homeowner assistance, cash compensation or loan modification.
Because of this case, a certain independent group was assigned to monitor the progress of their consumer relief compensation. The third party is there to ensure that all the transactions within the settlement agreement are monitored and shown to the public for transparency purposes. Since the team is independent, there would be no biases whatsoever, allowing the third party to do their job properly.
Now, the progress of the consumer relief payment would be based on a certain outline that is written in the settlement agreement between Citi and the federal government. The reports will show the progress and they are often given out to the public every quarter. In fact, the first report was already released to the public in 2015.
Just to give a little background of the team, the team is headed by Thomas Perrelli, partner of Jenner and Block LLP. Also from Jenner and Block LLP are partners Jessica Hertz, Peter Pope, Emily Loeb, and Joseph Noga. Their job is to work together in monitoring the progress of Citi when it comes to paying the consumer relief so that everything is transparent.
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.
So for those who are interested in this case or for those who believe they are eligible for relief, here are things to know of. Citimonitorship can help with some details regarding the relief. After all, they are there to make sure that Citi transacts everything properly and with the utmost transparency.
Now, the case involved Citi selling defective mortgage loan packages just right before the big financial crisis that happened some time during 2008. In 2014, the case was eventually settled and the federal government demanded that the company pay a consumer relief amounting up to $2 billion to those who bought or were affected by the loans. They will give refinancing, homeowner assistance, cash compensation or loan modification.
Because of this case, a certain independent group was assigned to monitor the progress of their consumer relief compensation. The third party is there to ensure that all the transactions within the settlement agreement are monitored and shown to the public for transparency purposes. Since the team is independent, there would be no biases whatsoever, allowing the third party to do their job properly.
Now, the progress of the consumer relief payment would be based on a certain outline that is written in the settlement agreement between Citi and the federal government. The reports will show the progress and they are often given out to the public every quarter. In fact, the first report was already released to the public in 2015.
Just to give a little background of the team, the team is headed by Thomas Perrelli, partner of Jenner and Block LLP. Also from Jenner and Block LLP are partners Jessica Hertz, Peter Pope, Emily Loeb, and Joseph Noga. Their job is to work together in monitoring the progress of Citi when it comes to paying the consumer relief so that everything is transparent.
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.
So for those who are interested in this case or for those who believe they are eligible for relief, here are things to know of. Citimonitorship can help with some details regarding the relief. After all, they are there to make sure that Citi transacts everything properly and with the utmost transparency.
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