Skip to main content

Citigroup Helping Distressed / Foreclosure Consumers Team Thayer #realestate #housing #foreclosure #market #news #eugene #oregon

Citigroup was credited with more than half a billion dollars in consumer relief toward fulfilling its obligation of $2.5 billion under the terms of a July 2014 settlement July 2014 settlement with the U.S. Department of Justice and five states for selling toxic residential mortgage-backed securities to investors before the financial crisis, according areport from an independent monitor.

Settlement monitor Thomas Perrelli, a former associate U.S. attorney general and now a partner with Washington, D.C.-based law firm Jenner & Block, credited Citi with $512,456,710 in consumer relief for the period covering April 1, 2015, through June 30, 2015. The amount provided during Q2 2015 raised the cumulative total of consumer relief credited to Citi to $689,132,468, still less than a third of the settlement’s requirement of $2.5 billion. The bank has until 2018 to pay the remaining $1.8 billion. The report was Perrelli’s fourth since the settlement was reached and the first since September 2015.
According to the monitor, Citi was credited with $512.4 million in consumer relief during Q2 2015 in three different categories or menu items: First lien principal forgiveness ($3.95 million covering 70 transactions); rate reductions/refinancing ($78.5 million covering 2,002 transactions); and principal forgiveness where foreclosure is not pursued ($430 million covering 10,260 transactions). Citi requested credit for relief for 91 loans to affordable rental housing projects with a purported valuation in excess of $500 million; the monitor is currently working with Citi to validate the credit that the bank has submitted for the 91 loans.
Citigroup settled with the DOJ and five states (California, New York, Illinois, Massachusetts, and Delaware) for a total of $7 billion in July 2014 amid claims that the bank misled investors as to the quality of mortgage-backed securities it sold. The portion of the penalty that went to the DOJ was $4.5 billion, which was the largest civil penalty to date under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). Citigroup agreed to pay $2.5 billion in consumer relief as part of the settlement.
2-1 Citi graph


justin lee thayer
Justin Thayer


Location: Eugene, OR 97401, USA

Popular posts from this blog

Grass Seed Video

Read more

Bankruptcy Filings Dip Even Lower! Team Thayer #realestate #housing #market #investor #News #oregon

Bankruptcy Filings Dip Lower Nationwide bankruptcy filings were 5 percent lower in October 2016 compared with a year earlier, falling even lower than last month’s reported decrease, according to October 2016 AACER bankruptcy data reported by Epiq Systems. Bankruptcy filings totaled 63,042 in October, which was an increase from September’s total of 64,614, and was approximately 2.4 percent higher than October 2015’s total of 63,042 (an increase of 1,572).  Year-to-date, there have been 656,125 bankruptcy filings nationwide for the past nine months of 2016 (about 65,613 per month), down from 2015’s year-to-date total through the end of October of 700,014 (about 70,001 per month). The average number of filings per day in October 2016 was 3,152 over 20 days, which is an increase from September’s daily average of 3,077 over 21 days. The extra filing day in September compared to October accounts for the slight increase in the number of filings in September; had October feature...
Read more

When Will Bank Foreclosurews ‘Normalize’? Team Thayer #realestate #investor #housing #market #news #oregon

With much of the talk surrounding the housing market centered on “normalization” or returning to its pre-crisis state, one metric which the market is watching is the distressed sales share—the share of REO and short sales that comprise total residential home sales. For February 2016, the distressed sales share declined by 2.9 percentage points over-the-year (and 0.4 percentage points over-the month) down to 11 percent, according to  data released by CoreLogic  on Thursday. At their peak in January 2009, distressed sales accounted for nearly one-third of all residential home sales (32.4 percent) but has been declining steadily since then. By comparison, the pre-crisis share of distressed sales was typically around 2 percent; CoreLogic estimates that if the current rate of year-over-year decline continues, the distressed sales share will reach the “normal” pre-crisis level in slightly more than two years. “Prior to the housing crash, the distressed share of total...
Read more