On July 11, 2014, the federal government, five states, and Citigroup Inc. (“Citi”) reached an agreement to settle claims alleging that Citi packaged, marketed, and sold defective residential mortgage loans before the 2007–2009 financial crisis (“Settlement Agreement” or “Citi RMBS Settlement Agreement”).

As part of the Settlement Agreement, Citi committed to provide $2.5 billion in consumer relief. The Settlement Agreement allowed that relief to take various forms, including: loan modification for underwater and other qualifying homeowners, refinancing for homeowners, down payment and closing cost assistance for refinancing, and donations to organizations helping communities in the redevelopment and provision of affordable rental housing for low-income families in high-cost areas.