When one would think of investment banking, then one of the big names that would usually pop out would be Citibank from the big corporation Citigroup. While most people are familiar with their financial services and banking services, many do not know that they are actually under monitoring from a third party monitor due to a case they had after the financial crisis. They are currently under surveillance from a citigroup monitor called Citimonitorship.
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.
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.
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 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, the great thing about a check and balance effort such as this is that people who believe that they are eligible to benefit from this program will be able to have access to the necessary information that they need in order to avail of the relief. In order to do that, they will have to work together with Citimonitorship on how to go about with Citi. However, one thing to consider would be the fact that Citi is not required to give a fixed amount of relief that one can be able to get.
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.
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.
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.
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 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, the great thing about a check and balance effort such as this is that people who believe that they are eligible to benefit from this program will be able to have access to the necessary information that they need in order to avail of the relief. In order to do that, they will have to work together with Citimonitorship on how to go about with Citi. However, one thing to consider would be the fact that Citi is not required to give a fixed amount of relief that one can be able to get.
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.
About the Author:
When you are looking for information about Citigroup monitor, come to our web pages online today. More details are available at http://www.citigroupmonitorship.com now.
Aucun commentaire:
Enregistrer un commentaire