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The submission responds to Paragraph 7 of a Federal Reserve Consent Order dated April 13, 2011, addressing oversight of foreclosure activities performed by CitiMortgage for CitiFinancial mortgage accounts. It outlines loss-mitigation philosophy, transfer of accounts at approximately 90 days delinquency, and an oversight structure including a CitiMortgage Default Servicing Oversight Committee, a CitiFinancial Relationship Manager, and procedures for adoption, revision, and amendment control. The letter affirms compliance and notes restricted disclosure.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":41,"@type":70,"position":76},"https://docshare.wps.com/template/letters/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/citifinancial-foia-confidential-treatment-requested-letter-may-26-2011/279994/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/citifinancial-foia-confidential-treatment-requested-letter-may-26-2011/279994.png","ImageObject",442,249,{"name":88,"@type":89},"\tCallum ","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-10-29","2026-09-16",true,{"@type":98,"interactionType":99,"userInteractionCount":35},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"What requirement does CitiFinancial address in this letter?","Question",{"text":108,"@type":109},"It responds to Paragraph 7 of a Consent Order requiring CitiFinancial Credit Company to submit acceptable policies and procedures for oversight of CitiMortgage foreclosure activities within 45 days of the Consent Order date.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"How does CitiFinancial describe its foreclosure and loss-mitigation approach?",{"text":113,"@type":109},"CitiFinancial states that foreclosures do not benefit lender or borrower, so branch employees pursue loss mitigation. If efforts do not cure delinquency, generally around 90 days, the account is transferred to CitiMortgage for further servicing and foreclosure processing if foreclosure cannot be avoided.",{"name":115,"@type":106,"acceptedAnswer":116},"What oversight governance does CitiFinancial propose for CitiMortgage default servicing?",{"text":117,"@type":109},"CitiFinancial proposes creating a CitiMortgage Default Servicing Oversight Committee composed of relevant-discipline CitiFinancial managers, with a CitiFinancial Relationship Manager coordinating activities, overseeing the relationship for applicable legal requirements, and gathering information for the 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C.F.R.§261.14(b)(4),261.14(b)(8)SUBMITTED SUBJECT TO 12U.S.C.§1828(x)\n\nPRIVILEGED AND CONFIDENTIALATTORNEY WORK PRODUCTREFLECTS ATTORNEY-CLIENT COMMUNICATIONS  \nMay 26,2011  \nMr.F.Christopher Calabia  \nVice President,Financial Institutions GroupFederal Reserve Bank of New York33 Liberty StreetNew York,NY 10045  \nRe:In the Matter of Citigroup Inc.and CitiFinancial Credit Company,Docket Nos.11-  \n024-B-HC&11-024-B-DEO-Consent Order dated April 13,2011  \nDear Mr.Calabia:  \nThis letter responds to Paragraph 7 of the referenced Consent Order which requiresCitiFinancial Credit Company(\"CitiFinancial\")to submit to the Federal Reserve Bank of NewYork,within 45 days of the date of the Consent Order,acceptable policies and procedures for theoversight of foreclosure activities performed by CitiMortgage,Inc.,and its applicable subsidiaries(“CitiMortgage”)on behalf of CitiFinancial.The policies and procedures are required to providefor appropriate oversight of CitiMortgage's foreclosure activities with respect to residentialmortgage loans otherwise serviced by CitiFinancial to ensure that CitiMortgage complies withapplicable “Legal Requirements”as that term is defined in the Consent Order.With respect to itsbusiness in general and its CitiMortgage oversight policy and procedures in particular,CitiFinancial operates within Citigroup policies and procedures and is supported by Citigroupfunctions,such as risk management,compliance and internal audit,which are independent of thebusiness.  \nCitiFinancial's philosophy is that foreclosures do not benefit the lender or the borrower,and therefore CitiFinancial branch employees work hard to ensure that borrowers are given everyopportunity for loss mitigation in order to avoid foreclosure.When loss mitigation efforts by theCitiFinancial branch have been unsuccessful in curing the delinquency,generally at about 90days'delinquency,the CitiFinancial mortgage account is transferred to CitiMortgage for furtherservicing,loss mitigation,and foreclosure processing if foreclosure cannot be avoided.  \nThe enclosed submission consists of a narrative response summarizing CitiFinancial'splans for overseeing CitiMortgage's handling of our foreclosure accounts to ensure compliance  \nMay 26,2011  \nwith Legal Requirements concerning foreclosure activities,along with the proposed CitiFinancialOversight Policy for CitiMortgage Default Servicing of CitiFinancial Mortgage Accounts and theproposed Oversight Procedures for CitiMortgage Default Servicing.Specifically,our responsedescribes CitiFinancial's proposed oversight structure,which will involve creation withinCitiFinancial of a CitiMortgage Default Servicing Oversight Committee,composed ofCitiFinancial managers in relevant disciplines.The Oversight Committee will have its firstorganizational meeting no later than June 30,2011.The activities of the Committee will becoordinated by a CitiFinancial Relationship Manager,who will act on behalf of CitiFinancial toassist in the implementation of the oversight policy;oversee the relationship betweenCitiFinancial and CitiMortgage concerning Legal Requirements applicable to foreclosureactivities;and gather information for the Oversight Committee.This newly created position willbe at the level of a Senior Vice President or higher and will require in-depth mortgage andoperations experience.The CitiFinancial Relationship Manager will work with a designatedcounterpart at CitiMortgage who will be at a similar level.  \nCitiFinancial plans to immediately begin implementation efforts on its proposedoversight policy and procedures,which are an exhibit to this submission.The policy andprocedures:(1)willbe formally adopted by CitiFinancial within ten days of Federal ReserveBank approval;(2)shall be revised as necessary during the term of the Consent Order toincorporate new or changed Legal Requirements and supervisory guidance of the Federal ReserveBoard b","cbCaioHVtSbp2huW","https://ap.wps.com/l/cbCaioHVtSbp2huW","pdf",5279725,27,"English","# Letter and Correspondence\n## FOIA confidential treatment request\n## Consent Order response and oversight requirements\n## Loss mitigation and account transfer approach\n## Proposed oversight structure and committee governance\n## Policy adoption, revisions, and amendment controls\n## Confidentiality acknowledgment and compliance commitments","[{\"question\":\"What requirement does CitiFinancial address in this letter?\",\"answer\":\"It responds to Paragraph 7 of a Consent Order requiring CitiFinancial Credit Company to submit acceptable policies and procedures for oversight of CitiMortgage foreclosure activities within 45 days of the Consent Order date.\"},{\"question\":\"How does CitiFinancial describe its foreclosure and loss-mitigation approach?\",\"answer\":\"CitiFinancial states that foreclosures do not benefit lender or borrower, so branch employees pursue loss mitigation. If efforts do not cure delinquency, generally around 90 days, the account is transferred to CitiMortgage for further servicing and foreclosure processing if foreclosure cannot be avoided.\"},{\"question\":\"What oversight governance does CitiFinancial propose for CitiMortgage default servicing?\",\"answer\":\"CitiFinancial proposes creating a CitiMortgage Default Servicing Oversight Committee composed of relevant-discipline CitiFinancial managers, with a CitiFinancial Relationship Manager coordinating activities, overseeing the relationship for applicable legal requirements, and gathering information for the committee.\"}]","CitiFinancial - FOIA CONFIDENTIAL TREATMENT REQUESTED LETTER - May 26, 2011 | PDF",1789531665,9]