Meanwhile, Wells Fargo's benefit to earnings would be 22%, JPMorgan Chase's upside would be 20%, while US Bancorp's benefit relative to first quarter earnings would only be 4%.

Citigroup said in its first quarter earnings media call that it continues to sell mortgage assets at favorable prices, although the improvement in credit costs means the bank is under less pressure to dispose assets at a rapid pace.

-- Written by Shanthi Bharatwaj New York.

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