CFPB Purchases Citi Subsidiaries to invest $twenty-eight.8 Million to own Supplying the Runaround so you can Consumers Seeking to Save Their houses

CFPB Requests Citi Subsidiaries to blow $twenty eight.8 Mil to possess Providing the Runaround in order to Individuals Trying to Conserve Their houses

Arizona, D.C. – An individual Financial Safeguards Agency (CFPB) today got independent steps up against CitiFinancial Repair and you can CitiMortgage, Inc. getting supplying the runaround in order to stressed property owners seeking to choices to save yourself their houses. The loan servicers remaining individuals at night in the choices to payday loan Montezuma end foreclosure or strained them with too much documentation means inside applying getting property foreclosure recovery. The new CFPB was requiring CitiMortgage to blow a projected $17 mil to compensate wronged consumers, and pay a municipal penalty of $step three mil; and you may demanding CitiFinancial Services so you’re able to refund everything $cuatro.4 billion in order to consumers, and you can pay a municipal penalty out-of $4.4 billion. (more…)