Citigroup Checks in the Mail After Bank Bungles Foreclosure Deal

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Citigroup Checks in the Mail After Bank Bungles Foreclosure Deal

Citigroup Checks in the Mail After Bank Bungles Foreclosure Deal

Good luck locating many homeowners that were evicted!


Bloomberg-

Two years after Citigroup Inc. was punished for widespread foreclosure abuses, the bank is dealing with another misstep: Thousands of people who were entitled to settlement checks never got any money.

Citigroup missed about 23,000 borrowers who were owed compensation, said two people with knowledge of the matter. The bank is now preparing to pay them about $20 million — in amounts ranging from a few hundred dollars to as much as $125,000 — after government officials called attention to the error, said the people.

Under accords with regulators, Citigroup and other banks agreed to pay $10 billion to resolve allegations that they mishandled loan papers and robo-signed legal documents, improperly initiating hundreds of thousands of home foreclosures without reviewing each individual case. Paying borrowers was a key requirement of settlements with the Federal Reserve and the Office of the Comptroller of the Currency.

[BLOOMBERG]

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