first_imgHome / Daily Dose / Citi Provides Consumers More Relief, Monitor Says Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Citi Provides Consumers More Relief, Monitor Says in Daily Dose, Featured, News The Week Ahead: Nearing the Forbearance Exit 2 days ago June 27, 2016 1,169 Views Tagged with: Citi Consumer relief Settlements Share Save About Author: Brian Honea Related Articles The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Independent monitor Thomas J. Perrelli has credited Citi with another $208.6 million in consumer relief toward its $2.5 billion obligation under the terms of a 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.The amount credited to Citi in the most recent report brings the total of consumer relief provided by the bank up to $897.7 million. The bank has until 2018 to pay the $2.5 billion in consumer relief it agreed to in the settlement.The $208.6 million was provided in four different categories covering the third quarter of 2015 (July 1 through September 30, 2015). The relief was provided in 2,654 transactions across four categories: Rate reductions or refinancings, donations to community development organizations, donations to legal services organizations, and donations to HUD-approved counseling agencies. The majority of the transactions (2,561 of them) were in the rate reductions or refinance category.Prior to Monday’s report, Perrelli had credited Citi with $689.1 million in consumer relief covering 15,800 transactions.A Citi spokesperson declined to comment on the monitor’s report.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 billion, which was the largest civil penalty to date under the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA). The report released Monday was Perrelli’s fifth since the settlement was reached.Click here to see Perrelli’s complete report released Thursday. Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Citi Consumer relief Settlements 2016-06-27 Brian Honea Previous: Senate Debates Impact of Financial Regulatory System Next: MERSCORP is Victorious in Appellate Courts Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Subscribelast_img read more