The Citigroup conference call is at 11, and so we’ll learn more then, but just based on the announcement, there’s not much doing on the foreclosure-gate, repurchase risk front.
This is it form their latest quarterly:
Local Consumer Lending revenues were $3.5 billion, down $659 million, or 16%, sequentially, driven by losses on asset sales and a continued decline in balances. Average loans declined $53 billion, or 18%, to $248 billion, driven by the reclassification of student loans to held-for-sale in connection with the announced sale of SLC, and lower residential real estate and Retail Partner cards loans. Revenues also reflected an addition of $322 million of mortgage repurchase reserves related to North America residential real estate, compared to $347 million in the prior quarter.
And that’s it. Repurchase reserves actually decline sequentially.
Shares are up a tiny amount pre-market.
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