Citigroup Inc., or Citi, is an American investment company that has made its presence known globally. However, at heights of global financial crisis, an issue arouse that affected the internal operations of the company. A Settlement Agreement was made along with the assigning of the Citigroup monitor.
The agreement was made between Citi, the federal government, and the five states. The states, California, Delaware, Illinois, New York, and Massachusetts, were represented by their respective lawyers. This is to settle the claims alleging that from 2006 to 2007, Citi packaged, structured, marketed, and sold defective residential mortgage backed securities or RMBS, and collateralized debt obligation or CDOs.
The agreement has itemized terms and conditions which includes consumer relief. On behalf of the government, the court and the states will assign an independent monitor. The appointee, Thomas Perrelli, is going to monitor Citi in their progress in completing their obligations at the end of December 31, 2018. If completed, he will release a certification stating so.
He has a team who will assist him in doing his duties. He is to head them in committing transparent reports as they provide information to the public regarding the adherence of Citi to the agreement. These reports will be done each quarter reflecting the progress of their obligations to consumer relief.
Results of their reports are to be communicated to interested parties via different platforms. It is the public, government, and states who will listen to these results. One platform is conducting a meeting with their legal representatives of the parties. Another is uploading the report for public access into the official Citi Monitorship website. He can do a press conference to release a public statement.
His duties, however, are not without limitations. He and his team are not allowed to conduct any actions beyond their mandated capabilities and duties. Any actions shown beyond that is subject to legal reparations and ultimately to their removal from position.
He will not dictate or hold any authority as to how Citi will provide the forms of consumer relief. In relation, he will not dictate them on which consumers to give the relief to. He also is not to show any interest and obligation over the settlement amount as this is between Citi and governing bodies.
The latest that can be seen in their website is the Citi Monitorship Ninth Report November 2018. There have yet no concrete statements in the report stating the certification of Citi in completing its obligation. There were eligibility issues implicating the submission of Citi in their relief under the Menu Items 1D, 1E, and 1H, as well as their receipt of credit under Item 4A. Fortunately, he and Citi have come agreed to a resolution that would fix the problems of their ineligibility.
If the last report will conclude that Citi will not complete the obligations assigned to them, then they are obligated per agreement in Appendix 2 to pay in cash their remaining obligations to NeighborWorks America. This is a nonprofit organization that is going to allot the money to foreclosure prevention, neighborhood stabilization, housing counseling, and the like.
The agreement was made between Citi, the federal government, and the five states. The states, California, Delaware, Illinois, New York, and Massachusetts, were represented by their respective lawyers. This is to settle the claims alleging that from 2006 to 2007, Citi packaged, structured, marketed, and sold defective residential mortgage backed securities or RMBS, and collateralized debt obligation or CDOs.
The agreement has itemized terms and conditions which includes consumer relief. On behalf of the government, the court and the states will assign an independent monitor. The appointee, Thomas Perrelli, is going to monitor Citi in their progress in completing their obligations at the end of December 31, 2018. If completed, he will release a certification stating so.
He has a team who will assist him in doing his duties. He is to head them in committing transparent reports as they provide information to the public regarding the adherence of Citi to the agreement. These reports will be done each quarter reflecting the progress of their obligations to consumer relief.
Results of their reports are to be communicated to interested parties via different platforms. It is the public, government, and states who will listen to these results. One platform is conducting a meeting with their legal representatives of the parties. Another is uploading the report for public access into the official Citi Monitorship website. He can do a press conference to release a public statement.
His duties, however, are not without limitations. He and his team are not allowed to conduct any actions beyond their mandated capabilities and duties. Any actions shown beyond that is subject to legal reparations and ultimately to their removal from position.
He will not dictate or hold any authority as to how Citi will provide the forms of consumer relief. In relation, he will not dictate them on which consumers to give the relief to. He also is not to show any interest and obligation over the settlement amount as this is between Citi and governing bodies.
The latest that can be seen in their website is the Citi Monitorship Ninth Report November 2018. There have yet no concrete statements in the report stating the certification of Citi in completing its obligation. There were eligibility issues implicating the submission of Citi in their relief under the Menu Items 1D, 1E, and 1H, as well as their receipt of credit under Item 4A. Fortunately, he and Citi have come agreed to a resolution that would fix the problems of their ineligibility.
If the last report will conclude that Citi will not complete the obligations assigned to them, then they are obligated per agreement in Appendix 2 to pay in cash their remaining obligations to NeighborWorks America. This is a nonprofit organization that is going to allot the money to foreclosure prevention, neighborhood stabilization, housing counseling, and the like.
About the Author:
See the ninth report from the Citigroup monitor by visiting the official website of this company. Log on to the main page now at http://www.citigroupmonitorship.com.
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