The old catch phrase, "The check is in the mail," couldn't ring truer for the more than 23,000 borrowers it forgot to pay after wrongfully foreclosing on their homes.
Approximately two years after Citigroup reached a deal with regulators over widespread foreclosure abuses, the bank still has neglected to pay about 23,000 borrowers who were eligible for compensation.
Bloomberg reported that Citigroup is preparing to right that wrong by sending the overlooked consumers checks, which total about $20 million. The amounts range from a few hundred dollars to a s much as $125,000.
After the financial crisis, Citigroup along with a handful of Wall Street banks had agree to pay a $10 billion penance for improperly handling mortgage agreements and wrongly foreclosing homes around the country.
“We want to make sure that everyone eligible for compensation under the agreement receives what they are due,” Mark Rodgers, a Citigroup spokesman, said in an e-mailed statement.
The bank’s additional payments are slated to go out by the end of the month.
Bloomberg reported that Citigroup is preparing to right that wrong by sending the overlooked consumers checks, which total about $20 million. The amounts range from a few hundred dollars to a s much as $125,000.
After the financial crisis, Citigroup along with a handful of Wall Street banks had agree to pay a $10 billion penance for improperly handling mortgage agreements and wrongly foreclosing homes around the country.
“We want to make sure that everyone eligible for compensation under the agreement receives what they are due,” Mark Rodgers, a Citigroup spokesman, said in an e-mailed statement.
The bank’s additional payments are slated to go out by the end of the month.
