Citi mortgage units fined $28.8M

Posted online January 24, 2017 | 12:28 pm

CitiFinancial Servicing and CitiMortgage have been ordered to pay $28.8 million by the Consumer Financial Protection Bureau.

The CFPB claims the mortgage servicers - subsidiaries of banking giant Citi - burdened homeowners facing foreclosures with unnecessary or excessive paperwork.

Among the penalties, CitiMortgage is required to pay $17 million to 41,000 affected consumers and a $3 million civil penalty. CitiFinancial Servicing will pay around $4.4 million in restitution to about 7,800 consumers.

Read more from CNNMoney.

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