Obama Showers Borrowers With Mortgage Relief
Citigroup announced that its contribution to the mortgage settlement would total "approximately $2.2 billion," and the company said it expected that "that existing reserves will be sufficient to cover customer relief payments and all but a small portion of the cash payment called for under this settlement." The company also said it would "adjust its fourth quarter and full year 2011 financial results to reflect an additional $84 million (after tax) charge," along with an additional $125 million in after tax charges, "in connection with the resolution of related mortgage litigation."
Wells Fargo said in a statement that its contribution would total $5.3 billion, including $900 for refinancing relief, "$3.4 billion in consumer relief programs," and "$1.0 billion paid directly to the federal government and the states for their use to address the impact of foreclosure challenges as they see fit."
--Written by Shanthi Bharatwaj in New York
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