Citi today released the following statement on the agreement in
principle reached with the Office of the Comptroller of the Currency
(OCC) and the Federal Reserve Board regarding the Independent
Foreclosure Review process.
"We are pleased to have the matter resolved and believe this agreement is a positive development that will provide benefits for homeowners."
Citi expects to record a pre-tax charge of approximately $305 million in the fourth quarter of 2012 for its cash payment portion of the settlement. In addition, Citi expects its approximately $500 million share of the loss mitigation or other foreclosure prevention actions in connection with the agreement will be covered by existing loan loss reserves and thus there will be no incremental financial impact to Citi.
Citi will issue its fourth quarter results on Thursday, January 17, 2013.
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