CitiMortgage has settled its own lawsuit with a Class Action Lawsuit. CitiMortgage stated that it will settle a $2.2 million lawsuit brought forth by a Class Action Lawsuit that claimed that the bank illegally charged former servicemen more than six percent interest on their adjustable-rate mortgage loans. CitiMortgage, in turn, has agreed to settle the lawsuit for an amount less than anticipated. A Judge has scheduled a case conference for later this month.
CitiMortgage Class Action Lawsuit
The lawsuit was filed by a former homeowner who is represented by the National Association of Home Builders (NACHB) and is seeking damages for loss of services, fees and costs. A class action lawsuit arises when a lawsuit is initiated on behalf of a group of individuals who were similarly injured by the same defendant. In such cases, the suit would be filed in the name of the Class of Individuals filing the lawsuit along with the lending company. In the case of Citimortgage, the lending company would be represented by the attorney general of the state.
According to the complaint, Citimortgage became aware of the widespread abuses related to the ARM in the fall and immediately changed the program’s terms and conditions so as to avoid further litigation.
The bank further allegedly concealed this fact from five class members who signed a Settlement Agreement with CitiMortgage, thereby violating the SCORE act (SCORE Act is a United States Federal Law which impose consumer protection rules, consumer debt laws, and other rules against misleading the public about various programs and issues). Citimortgage further allegedly instructed the five class members to misrepresent themselves to third parties as being residents of Florida when they were actually living in Brooklyn, New York. The bank further instructed these individuals to forge signatures on documents that should not have been legitimate and created numerous fraudulent CitiMortgage accounts.
The complaint further claims that Citimortgage was aware of the massive fraud at the time it allowed the scheme to go forward and did nothing to stop it.
This enabled the scheme to carry on causing damages and injuries to innocent third parties. Citimortgage has also been ordered to pay a substantial penalty because it failed to conduct proper investigations of falsified documents and misrepresentations prior to approving the loans in question. Citimortgage has also been ordered to pay fees to three foreclosing parties because it failed to instruct Homebuyers to properly obtain preapproved financing prior to the foreclosure of the properties.
The class action lawsuit targets three companies in particular namely, Citibank, Capital One and AMEX.
Citibank was the target of a separate lawsuit by the Federal Attorney General in May. AMEX was targeted by a class-action suit in January of this year.According to the complaint, Citibank and AMEX together “purposefully” defrauded the FHA in violation of federal housing policy which prohibits third-party lenders from conditioning loan approvals on the borrower’s credit or debit history. The complaint further claims that Citibank’s intentional defrauding of the FHA was part of a conspiracy by the lender and its direct affiliate banks to defraud the FHA through their illegal practices of collecting premiums based on borrowers’ credit scores.
Citimortgage’s defense team has attempted to fight back by filing court motions to dismiss portions of the complaint and claims in its complaint.
On July 5th an arraignment hearing will occur where a pretrial hearing will take place in which the court will attempt to determine if there is probable cause that supports the claims in the complaint. A hearing date has been scheduled for September 8th. The Class Action lawsuit against AMEX, Capital One and Citibank was coordinated by plaintiffs attorney Michael J. Passerino and was expected to be filed in New York State Supreme Court.
Citibank defrauded me, disenfranchised me in 2003 by violating the R.E.S.P.A. regulations, stealing my condo by mortgage fraud that almost caused the world financial collapse and costed 780 billion tax dollar bail out while giving themselves bonuses and buying more congresspeople (lobbying). They lied and said the original lender was suppose to notify me of the loan transfer, put me in immediate jeopardy by lying on my credit report saying I defaulted on my loan when I was paid 4 months in advance, ruined my debt consolidation, ruined my credit history, cost me my financial forecast whereinwhich I was unable to find gainful employment due to a work related injury that almost took my life, but I had over 15,000 in another bank. Subsequently making it needful to live off the funds, then stole my home and was found guilty by the DoJ for doing this to millions of customers. I lived homeless for all but 12 years with multiple injuries including permanent partial disability due to a near fatal head blow on the job. I was thrown to the sidewalk by Citibank and left to die out here. They have been found guilty multiple times for this but not by any counsel I can obtain nor can I get reparation, at 65. They are demon seed.
Citimortgage collected over 194,000 in chapter 13. when I discharged the chapter 13, doyle & foutty now doyle & doyle filed suite in st joseph county court indiana foreclosed and evicted me claiming I owed citi some $277,000. African American disabled in my line of duty as a United States Civilian employee. Now evicted by court order and living on street, while the people who bought my home illegally are trying to sale it. Princess MOTHER 80 YEAR OLD AFRICAN AMERICAN WIDOW OF USAF VETERAN DECEASED IN 2020. 574-323-8150. ANYONE ELSE VICTIME OF THIS FRAUD WITH A LAW FIRM AND CIUTI? PLEASE RESPOND.