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U.S. Bancorp Issues Statement in Response to Independent Foreclosure Review Settlement Agreement
MINNEAPOLIS -- (BUSINESS WIRE) -- Jan. 7, 2013 -- U.S. Bancorp issued the following statement in response to this morning’s announcement from the OCC and the Federal Reserve regarding the Independent Foreclosure Review settlement agreement:
U.S. Bancorp has long been committed to sound modification and foreclosure practices. We have always regarded foreclosure as a last resort, and have helped thousands of borrowers over the past several years to stay in their homes through a variety of modification programs.
U.S. Bancorp’s share of the settlement will include a cash payment of $80 million (pretax), which is expected to reduce fourth-quarter 2012 earnings per share by approximately 3 cents. In addition, the settlement includes a commitment to provide approximately $128 million of other mortgage assistance, such as loan modifications, which is covered by existing loan loss reserves.
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