Market Overview

US Bancorp Says Portion of Settlement $80M, Sees Deal Cutting Q4 EPS by $0.03

Share:
Related USB
US Bancorp Shares Up Nearly 25% In The Past Year; Argus Upgrades, Barclays Harps On Operating Leverage
Benzinga's Top Upgrades, Downgrades For July 20, 2017
Howland Capital Management Llc Buys Vodafone Group PLC, American Water Works Co Inc, US ... (GuruFocus)

U.S. Bancorp (NYSE: USB) 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.

We continue to support customers and stand ready to assist them.

Posted-In: News Guidance

 

Related Articles (USB)

View Comments and Join the Discussion!