RSS   Newsletter   Contact   Advertise with us
Post Online Media

Fed fines Citigroup $8.6 million over residential mortgage-related documents

Share on Twitter Share on LinkedIn
Staff Writer | Sunday August 12, 2018 8:26AM ET
America   The $8.6 million penalty addresses the deficient execution

The Federal Reserve Board (Fed) 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.


What to read next
POST Online Media Contact

 More inside POST