Jenner & Block

Citigroup Monitor Releases Sixth Report

Jenner & Block Partner Thomas J. Perrelli has released the sixth report as independent monitor to determine Citigroup Inc.’s compliance with consumer relief obligations, valued at $2.5 billion, under its settlement with the US Department of Justice and five states.  As described in the report, the settlement resolved possible federal and state legal claims for violations of law regarding the packaging, marketing, sale, structuring, arrangement and issuance of residential mortgage-backed securities and collateralized debt obligations between 2006 and 2007.

This report focuses on Citi’s obligations under Menu Item 5 to provide financing for affordable housing projects.  The purpose of the Monitor’s reports is to inform the public of Citigroup’s obligations under the settlement and provide an update on Citigroup’s progress toward fully meeting those obligations.  To these ends, the current report includes:

  • A brief overview of the affordable rental housing market in the United States;
  • A description of Citi’s affordable rental housing obligations under the Settlement Agreement;
  • An analysis of how Citi met these obligations;
  • An explanation of the Monitor’s validation process; and
  • Some observations about the effectiveness of Citi’s affordable housing obligations and relief under the Settlement Agreement.

All reports are available on the Citigroup Monitorship website (www.citigroupmonitorship.com).