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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.
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.
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.
So for those who want to know more about the consumer relief with regard to this case, take note of these things. The great thing about Citimonitorship is that they ensure all consumer relief cases are answered. This is great for those who were affected by the mortgage loans.
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.
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.
So for those who want to know more about the consumer relief with regard to this case, take note of these things. The great thing about Citimonitorship is that they ensure all consumer relief cases are answered. This is great for those who were affected by the mortgage loans.
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