Federal Reserve Board fines Citigroup 8.6 Million Dollars for the Improper Execution of Residential Mortgage-related Documents and Announces Termination of 2011 Enforcement Action

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Published: 08-16-2018, 04:18 AM
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Federal Reserve Board fines Citigroup 8.6 Million Dollars for the Improper Execution of Residential Mortgage-related Documents and Announces Termination of 2011 Enforcement Action

Federal Reserve Board fines Citigroup $8.6 Million for the Improper Execution of Residential Mortgage-related Documents and Announces Termination of 2011 Enforcement Action

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(August 10, 2018) - - The Federal Reserve Board on Friday announced an $8.6 million fine against Citigroup for the improper execution of residential mortgage-related documents.

The $8.6 million penalty addresses the deficient execution and notarization of certain mortgage-related affidavits prepared by a subsidiary, CitiFinancial. The improper practices occurred in 2015 and were corrected. CitiFinancial exited the mortgage servicing business in 2017.

Also on Friday, the Board announced the termination of an enforcement action from 2011 against Citigroup and CitiFinancial related to residential mortgage loan servicing. The termination of this action was based on evidence of sustainable improvements.

Courtesy: Board of Governor of the Federal Reserve System
Tags: citigroup, document, dollars, execution, federal, improper, million, mortgage-related, reserve, residential
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Announcement

Federal Reserve Board fines Citigroup 8.6 Million Dollars for the Improper Execution of Residential Mortgage-related Documents and Announces Termination of 2011 Enforcement Action

Announcement

Justice Department Reminds the Public to be Aware of Fraud When Disaster Strikes and Report It

U.S. Small Business Administration Offers Disaster Assistance to Residents of North Carolina Affected by Hurricane Florence

U.S. Department of Health and Human Services Secretary Azar Declares Public Health Emergencies in North Carolina and South Carolina Due to Hurricane Florence

U.S. Department of Homeland Security Statement Regarding Safety and Enforcement During Hurricane Florence

FEMA and Partners Respond to Hurricane Florence

U.S. Department of Agriculture Prepared to Respond to Hurricane Florence

Are Researchers Creating - -Humanized Mice - -

A Warning to Christian Ministers

Federal Reserve Board fines Citigroup 8.6 Million Dollars for the Improper Execution of Residential Mortgage-related Documents and Announces Termination of 2011 Enforcement Action

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