Thursday, February 25, 2021

Tag: Illegally Held Homes Off the Market for More than Five Years Says Regulator

Citibank, Which Foreclosed on Homes Under an Alias, Illegally Held Homes Off the Market for More than Five Years Says Regulator

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by Pam Martens and Russ Martens, Wall St On Parade:

On October 11 of last year, in a bland press release that drew little mainstream media attention, the Federal regulator of national banks, the Office of the Comptroller of the Currency, announced that Citibank had agreed to pay a $30 million fine over charges that it held homes on which it had foreclosed off the market for more than the statutory holding period of five years. Citibank is the federally-insured, deposit-taking bank that is part of the serially-miscreant Wall Street mega bank, Citigroup.

The action comes at a time when rents are rising dramatically across the U.S. as a result of a shortage of affordable homes to purchase.