The settlement agreement was between five States and the Federal Government to resolve claims that the Citi packaged and sold residential mortgage loans that were defective. The city is required to pay about $4.5 billion in cash and $2.5 billion in consumer relief order to provide consumer relief. An independent monitor is appointed to determine if the city satisfies consumer debt obligations. The role of the monitor is to ensure they inform the public about the city’s progress in meeting these obligations. Keep reading to learn more about Citi monitorship.
To know if you are eligible for consumer relief provided under the settlement agreement, you will have to wait for the city to make determinations depending on their credit loan criteria on different loans and the relief they offer. It is advisable for you to get in touch with the city for you to know if you are eligible for relief. Alternatively, you can look up this information on their website for you to learn more about the settlement agreement. Some of the benefits that the settlement offers are loan modification for those who have a home purchase loan that is higher compared to the market value. The settlement also provides closing assistance and down payment for refinancing.
It is important to note that there is no specific entitlement that one has to relieve. However, the majority of homeowners usually benefit. The city usually determines eligibility individually and the monitor overseas if they are compliant to offer relief to consumers to meet the $2.5 billion commitment. Basically, the monitor is there to ensure the city meets the set requirements provided in the settlement agreement. However, you should keep in mind that the monitor does not have any power when it comes to the type of consumer relief the city provides and which consumers need to get the relief. Their role is to oversee that the city meets the obligation to offer cash payments. They oversee the obligation of the city to make cash payments to receiving government entities.
Also, the monitor needs to be transparent in the processes and offer the public the right information on the relief. They are used to determine the city’s compliance. They need to provide the public with quarterly reports that show the program, obligations, and activities of the city. If the monitor finds out that they have failed to comply with their obligations under the settlement agreement, the city is required to pay the difference to a non-profit organization that offers programs such as foreclosure prevention, house counseling, and neighborhood stabilization.
Additionally, to ensure their monitorship is rigorous and independent they need to work periodically in order to build confidence in the public. The reports they offer need to be accessed by the public and in case of any questions, there is a website where you can contact them for you to get more clarity. The monitor communicates with the public through a website where they offer regular updates, meetings, and public statements. If you have a form to submit you can do so through the website.
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