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.
When this happened, they were assigned a type of monitorship so that Citi will be sure to pay the consumer relief compensation in full. The job of the monitoring team would be to simply create public reports about the compensation so that people will know that Citi is doing its duty. The team behind the monitoring is an independent third party team with the purpose of just making sure the investment bank pays.
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.
Now, the head of the team is the partner of Jenner and Block LLP Thomas Perrelli. Along with mister Perrelli would be other partners of the same company Peter Pope, Jessica Hertz, Emily Loeb and Joseph Noga. Together, they are the ones in charge of ensuring that the settlement agreement will be carried out and that all information of transactions in the agreement are made transparent to the public.
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.
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 this happened, they were assigned a type of monitorship so that Citi will be sure to pay the consumer relief compensation in full. The job of the monitoring team would be to simply create public reports about the compensation so that people will know that Citi is doing its duty. The team behind the monitoring is an independent third party team with the purpose of just making sure the investment bank pays.
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.
Now, the head of the team is the partner of Jenner and Block LLP Thomas Perrelli. Along with mister Perrelli would be other partners of the same company Peter Pope, Jessica Hertz, Emily Loeb and Joseph Noga. Together, they are the ones in charge of ensuring that the settlement agreement will be carried out and that all information of transactions in the agreement are made transparent to the public.
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.
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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