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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.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Certain statements in this document, including the expected financial impact to Citi resulting from the agreement in principle, are "forward-looking statements" within the meaning of the rules and regulations of the U.S. Securities and Exchange Commission. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those expressed in or implied by these statements due to a variety of factors, including but not limited to the completion of the final analysis of the financial impact to Citi as well as the successful execution of the agreement in principle. More information about these and other factors is contained in Citi's filings with the U.S. Securities and Exchange Commission, including without limitation the "Risk Factors" section of Citi's 2011 Annual Report on Form 10-K. Precautionary statements included in such filings should be read in conjunction with this document. Any forward-looking statements made by or on behalf of Citi speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.