Home / Media / DS News Webcast: Tuesday 2/2/2016
Print This Post Print This Post

DS News Webcast: Tuesday 2/2/2016

Citigroup was credited with more than half a billion dollars in consumer relief toward fulfilling its obligation of 2 point 5 billion dollars under the terms of a July 2014 settlement July 2014 settlement with the U.S. Department of Justice and five states for selling toxic residential mortgage-backed securities to investors before the financial crisis, according a report from an independent monitor. The monitor credited Citi with 512 million dollars in consumer relief for the period covering April 1, 2015, through June 30, 2015.

The amount provided during the second quarter of 2015 raised the cumulative total of consumer relief credited to Citi to 689 point 1 million dollars, still less than a third of the settlement’s requirement of 2 point 5 billion dollars. The bank has until 2018 to pay the remaining 1 point 8 billion. Most of the relief credited for the second quarter of 2015, about 430 million dollars, was in the category of principal forgiveness where foreclosure is not pursued.

According to Realtor.com’s First Look at the preliminary January data for housing, the pent-up demand that was behind housing’s growth in 2015 will continue on into 2016 to make this spring the best season for housing in a decade despite recent economic headwinds. January saw an 8 percent year-over-year increase in median list price and a 4 percent increase in the rate at which homes are selling at 100 days on the market.

About Author: Brian Honea

Brian Honea's writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master's degree from Amberton University in Garland.
x

Check Also

hurricane vortex

A Climate-Related Foreclosure Crisis?

The threat of a potential foreclosure crisis looms large over the nation’s mortgage industry. In this video spotlight, experts share their insights on the far-reaching impact of extreme weather conditions and the corrective measures to be taken to mitigate the effects of these cataclysmic events on the housing market.

GET YOUR DAILY DOSE OF DS NEWS

Featuring daily updates on foreclosure, REO, and the secondary market, DS News has the timely and relevant content you need to stay at the top of your game. Get each day’s most important default servicing news and market information delivered directly to your inbox, complimentary, when you subscribe.