Judge Blocks $285 Million Settlement Against Citigroup Because The Bank Won't Admit Wrongdoing

Judge Blocks $285 Million Settlement Against Citigroup Because The Bank Won't Admit Wrongdoing

Earlier this fall, the Securities and Exchange Commission announced a whopping $285 million settlement with Citigroup over allegations that the bank misled investors in a 2007 mortgage derivatives deal. But that triumph was short-lived, as a judge has decided to block the settlement because of a standard settlement condition wherein the bank is allowed to close the case without admitting guilt or denying the allegations. [More]

Tweet Gets Citi To Stop Junk Mail Deluge

Tweet Gets Citi To Stop Junk Mail Deluge

Dan and his wife were getting hit by two pieces of junk mail from Citi almost every day. One to him, and one to his wife. He couldn’t figure out how to tell Citi to stop, until he remembered the online service with the little blue bird that goes “Tweet, tweet.” [More]

Citi "Simplifies" Banking By Raising Monthly Service Fee

Citi "Simplifies" Banking By Raising Monthly Service Fee

Citi customers with the bank’s “Basic Banking” package currently pay an $8/month service fee that can be waived if the customer makes five qualified transactions per month. The good news is that they are reducing that requirement; the not-so-good news is that Citi is raising the monthly fee for people who don’t make the necessary number of transactions. [More]

Investigation: Banks Took $6 Billion In Home Insurance Kickbacks

Investigation: Banks Took $6 Billion In Home Insurance Kickbacks

According to a HUD investigation, big banks raked in over $6 billion in a decades-long insurance kickback scheme that violated RESPA. [More]

Former Citi VP Admits To Stealing $22 Million From Bank

Former Citi VP Admits To Stealing $22 Million From Bank

If you think you need Ben Affleck in a creepy nun mask to heist millions from a bank, there’s a former VP of Citigroup who can teach you a thing or two about a bloodless robbery. Of course, this guy also got caught and has pleaded guilty to embezzling more than $22 million from his former employer, so he’s probably not one to look to for get-rich-quick advice. [More]

Chase, Bank Of America, Citi & Wells Fargo Allowed To
Start Foreclosing Again In New Jersey

Chase, Bank Of America, Citi & Wells Fargo Allowed To Start Foreclosing Again In New Jersey

It’s been a quiet 2011 on the foreclosure front in New Jersey, as several banks froze seizure proceedings late last year following the revelation that foreclosure documents were being rubber-stamped by untrained “robo signers.” But a judge in the Garden State has given the go-ahead for Bank of America, JPMorgan Chase, Citigroup and Wells Fargo to resume uncontested foreclosures. [More]

Around $2.7 Million Stolen From Citi Accounts After Hack

Around $2.7 Million Stolen From Citi Accounts After Hack

The fallout continues from the May 10 breach of Citi’s credit card account files by hackers. The bank now says that a total of around $2.7 million was stolen from a relatively small percentage of the 360,000 breached accounts. [More]

Report: Citi Knew About Credit Card Hack For Weeks Before Going Public

Report: Citi Knew About Credit Card Hack For Weeks Before Going Public

Last week, Citigroup announced that around 200,000 credit card accounts had been compromised by hackers, but a new report from the Wall Street Journal says the bank knew something was wrong weeks earlier. [More]

Citi Beats Bank Of America At One Thing: Getting Bailout Money

Citi Beats Bank Of America At One Thing: Getting Bailout Money

The Congressional Oversight Panel overseeing the TARP program has finally made public the data on exactly how much each of the various bailed-out banks received from the combined coffers of TARP, FDIC and the Federal Reserve. The winner: Citigroup’s $476.2 billion. [More]

Worst Company In America Round One: Bank Of America Vs. Citi

Worst Company In America Round One: Bank Of America Vs. Citi

Consumerist’s 6th Annual Worst Company In America tournament tips off today with this battle of beastly bankers! [More]

Citibank's Rewards Provider Ships Your Prize 1500 Miles Away, Shrugs

Citibank's Rewards Provider Ships Your Prize 1500 Miles Away, Shrugs

Rick moved and changed his address with his credit card company, CItibank, but didn’t change it with the bank’s rewards program vendor. No problem: just put in a different shipping address when he placed the order, right? Not exactly. Now the company’s best option is for him to wait for the package to be sent to the address where he no longer lives, complain of non-delivery, and wait for a new package to come. This seems a bit inefficient. [More]

Avoiding Student Loan Default At Citibank: A Cautionary Tale

Avoiding Student Loan Default At Citibank: A Cautionary Tale

It’s an enormous relief to find someone at a large, powerful company who is kind, helpful, and able to solve your problems. Unfortunately, reader Flora learned that just because a person is kind and helpful, that doesn’t mean that you shouldn’t document your conversations with them in case things go horribly wrong. [More]

Citigroup Still Selling Mortgages That Violate Quality Standards

Citigroup Still Selling Mortgages That Violate Quality Standards

15% of the mortgages Citigroup sold to government-owned Freddie Mac from the second half of 2009 and the first part of 2010 were riddled with flaws, according to an internal report obtained by Bloomberg. The error rate should be about 5%. The mistakes included missing insurance docs, missing appraisals and income miscalculations. [More]

CitiMortgage Launches "Call-A-Thon" To Answer Distressed Homeowner Questions

CitiMortgage Launches "Call-A-Thon" To Answer Distressed Homeowner Questions

Tomorrow CitiMortgage is kicking off a special 1-day “call-a-thon” where people in trouble with or confused about their mortgages with Citi can call in and talk to foreclosure prevention staff. In addition, “senior managers and increased numbers of supervisors will be on hand to provide additional support,” says Citi. [More]

Banks Hired "Burger King Kids" To Process Mortgages

Banks Hired "Burger King Kids" To Process Mortgages

JPMorgan & Chase had a cute name, the “Burger King Kids,” for the workers with little no experience or qualifications it hired to process the reams of mortgages it plowed through at the height of the housing bubble. These walk-in hires “barely knew what a mortgage was,” writes the NYT. The newbies Citigroup and GMAC/Ally Bank outsourced the work to sometimes tossed paperwork into the garbage can. [More]

How The Looming Mortgage Bond Scandal Could Dwarf The Foreclosure Fraud Crisis

How The Looming Mortgage Bond Scandal Could Dwarf The Foreclosure Fraud Crisis

If you thought the fake doc foreclosure fraud crisis is bad, wait till you get a load of what could happen once people start looking at the pending mortgage bond meltdown. Reuters blogger Felix Salmon dug into the documents and he says it looks like banks have been lying to investors about the quality all this time. [More]

Lawsuit: Citigroup Used Recession To Fire Female Employees

Lawsuit: Citigroup Used Recession To Fire Female Employees

If the plaintiffs in a new discrimination lawsuit against Citigroup are to be believed, the headline-making “Sexy Banker” wasn’t the only one who may have been improperly shown the door by the bank for lacking a Y chromosome. [More]

Does The "S. Larson" Who Always Signs Citibank Customer Letters Really Exist?

Does The "S. Larson" Who Always Signs Citibank Customer Letters Really Exist?

For decades, “S. Larson” has been the named that signed the bottom of Citibank’s letters to customers. But does this person actually exist or are they a construct? [More]