Bloomberg News

Citigroup Sees $305 Million Charge From Foreclosure Settlement

January 07, 2013

Citigroup Inc. (C:US) said it expects to book a $305 million pretax charge in 2012’s fourth quarter as part of a settlement with federal regulators over foreclosure lapses.

Existing loan-loss reserves should cover about $500 million of relief that Citigroup will provide for homeowners, including loss-mitigation and other foreclosure-prevention measures, the New York-based lender said today in a statement.

To contact the reporter on this story: Donal Griffin in New York at dgriffin10@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net


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Companies Mentioned

  • C
    (Citigroup Inc)
    • $54.01 USD
    • -0.09
    • -0.17%
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