Citigroup Sees $305 Million Charge From Foreclosure Settlement
Citigroup Inc. (C) 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.
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