Frequently Asked Questions

What is this Settlement Agreement about?
The Settlement Agreement resolved civil claims by the federal government and five states alleging that Citi packaged, marketed, and sold defective residential mortgage loans before the financial crisis.

What does Citi have to do under the Settlement Agreement?
Under the terms of the Settlement Agreement, Citi will pay a total of $4.5 billion in cash payments, and a total of $2.5 billion in consumer relief.

The $4.5 billion will be paid as follows:

  • Citi will pay $4 billion as a civil penalty to settle claims by the U.S. Department of Justice.
  • Citi will pay $208.25 million to settle federal and state securities claims by the Federal Deposit Insurance Corporation.
  • Citi will pay $102.7 million to settle claims by the state of California.
  • Citi will pay $92 million to settle claims by the state of New York.
  • Citi will pay $44 million to settle claims by the state of Illinois.
  • Citi will pay $45.7 million to settle claims by the Commonwealth of Massachusetts.
  • Citi will pay $7.35 million to settle claims by the state of Delaware.

The $2.5 billion in consumer relief will take various forms, including:

  • Loan modifications for “underwater” homeowners (where the home purchase loan is higher than the market value of the home),
  • Refinancing for homeowners
  • Down payment and closing assistance for refinancing, and
  • Support for community reinvestment and donations to organizations helping communities in that redevelopment.
  • Financing of affordable rental housing for low-income families in high-cost areas.

WHO IS IN THE SETTLEMENT

How do I know if I’m eligible for consumer relief under the Settlement Agreement?
The Settlement Agreement outlines what kind of modifications and activities qualify as consumer relief, but Citi will make determinations based on its own credit and loan criteria about which particular loans to modify and what other relief to provide. Under the Settlement Agreement, Citi is not required to modify any specific loan; it must, however, provide relief to consumers, in the aggregate, sufficient to meet the $2.5 billion commitment it has made and consistent with the overall terms of the Settlement Agreement.

If you have questions about whether you may be eligible for relief under the Settlement Agreement, you may call Citi at 1-866-272-4749 or visit www.citimortgage.com for more information.

SETTLEMENT BENEFITS — WHAT YOU GET

What benefits does the Settlement provide?
To fulfill its commitment, Citi will undertake to provide consumer relief in various forms, including:

  • Loan modifications for “underwater” homeowners (where the home purchase loan is higher than the market value of the home) or other distressed homeowners; the modifications will reduce the principal balance owned by the consumer,
  • Refinancing for homeowners, and
  • Down payment and closing assistance for refinancing.

If you have questions about whether you may be eligible for consumer relief under the Settlement Agreement, you may call Citi at 1-866-272-4749 or visit www.citimortgage.com for more information.

How much relief will I get?
The Settlement Agreement does not entitle any specific consumer to relief, but many homeowners may benefit. Citi will make individual determinations about eligibility, and the Monitor will oversee Citi’s compliance to ensure that they have provided relief to consumers sufficient to meet its $2.5 billion commitment. If you have questions about whether you may eligible for consumer relief, you may call Citi at 1-866-272-4749 or visit www.citimortgage.com for more information.

THE ROLE OF THE MONITOR

What is the role of the Monitor?
The Monitor’s role is to oversee Citi’s obligation to provide $2.5 billion in consumer relief. This includes tracking Citi’s progress, keeping the public informed, and ultimately ensuring that Citi meets the requirements outlined in the Settlement Agreement.

Outside of the requirements defined by the Settlement, the Monitor does not have authority over which forms of consumer relief that Citi provides or which consumers receive such relief.

The Monitor will not oversee Citi’s obligation to provide $4.5 billion in cash payments, which will be directly handled between Citi and the receiving government entities.

How will the Monitor operate?
Mr. Perrelli and his team will test Citi’s activities to determine if and when it has fulfilled its consumer relief obligations as required by the Settlement Agreement.

Mr. Perrelli is committed to a transparent process and will provide the public with information reflecting his methodology to test Citi’s compliance, as well as quarterly reports reflecting Citi’s progress toward meeting its obligations.

What is the Monitor’s enforcement authority?
Mr. Perrelli was appointed under the Settlement Agreement to act as an independent monitor, and in that capacity to determine whether Citi has satisfied its obligations to provide $2.5 billion in consumer relief.

If Mr. Perrelli, as Monitor, determines that Citi has failed to complete its obligations by December 31, 2018, Citi will be required to pay the difference to NeighborWorks America, a non-profit organization that provides housing counseling, neighborhood stabilization, foreclosure prevention, and other similar programs.

How can we be sure that the Monitorship will be independent and rigorous?
Mr. Perrelli seeks to undertake his role as Monitor in an open and transparent way, and to foster public confidence in his oversight. Mr. Perrelli will report on his work periodically, as directed by the Settlement Agreement, so that the parties and the public can make their own assessments.

If you have questions about Mr. Perrelli’s monitorship, you can contact us here.

How will the Monitor communicate with the public?
Mr. Perrelli will provide regular updates about Citi’s compliance with the Settlement Agreement through this website, public statements, and meetings with interested parties.

You may also submit information about relief you have received or will receive through Settlement Agreement by submitting this form.

GETTING MORE INFORMATION

How do I get more information?
You may review more information about the Settlement Agreement here, or contact us here.

What if I need to report a loan issue?
The Consumer Financial Protection Bureau may be able to assist you with your complaint by visiting http://consumerfinance.gov, or by calling 855-411-2372.

You may also wish to report your complaint to the Financial Fraud Enforcement Task Force by visiting http://stopfraud.gov, or by calling 202-514-2000.