Citigroup Slapped with $8.6 Million Fine From Federal Reserve

Citigroup Fined $8.6 Million By Federal Reserve For Robo-Signing Related Issues

CitigroupThe Federal Reserve leveled an $8.6 million fine against CitiGroup on Friday. The Federal Reserve stated the fine was due to the “deficient execution and notarization of certain mortgage affidavits.
The issue stems from Citigroup’s exit from the mortgage servicing business back in 2017.
The Fed alleges Citigroup mishandled mortgage and notarization documents from January 2015 through August 2015
This type of activity led to the “robo-signing” issue that plagued the foreclosure crisis.
The consent order notes that CitiFinancial states that Lost Note Affidavits affected by the order were replaced with properly executed and notarized affidavits prior to making assertions regarding the ownership of lost mortgage notes.
The bank also states that it has taken steps to address the deficiencies that were the cause of the fine.
Citigroup was under a 2011 consent order from the Federal Reserve while employees were practicing unsafe banking practices.

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