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Citigroup Reports 31% Improvement in Earnings

Citigroup Inc.'s earnings improved 31 percent year-over-year in the first quarter as the recovering economy helped bolster the bank’s income. Citigroup reported net income of 3.8 billion (on revenues of $20.5 billion) for the first quarter of 2013, an improvement over the $2.9 billion (on revenues of $19.4 billion) reported for the same quarter last year. According to the company, the increase ""was driven by revenue growth and lower net credit losses, partially offset by higher expenses, a lower loan loss reserve release and a higher effective tax rate.""

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States Divert Nearly Half of Settlement Money Earmarked for Housing

Less than half of the states' $2.5 billion from the national mortgage servicing settlement is being used for housing initiatives as intended, according to Enterprise Community Partners. It's been six months since a federal judge approved the agreement between the nation's five largest mortgage servicers and state and federal officials, and Enterprise says to date, states have announced housing- and foreclosure-related plans for $966 million of their settlement share; $988 million has been diverted to states' general funds or non-housing uses; and $588 million has yet to be allocated.

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Oklahoma Residents First to Receive Mortgage Settlement Payments

Oklahoma Attorney General Scott Pruitt has issued the first borrower payments resulting from settlements with the nation's five largest mortgage servicers over faulty foreclosure processing. Oklahoma families who were subject to the servicers' ""unfair and deceptive practices ... following the financial crisis,"" can expect to receive their checks soon, Pruitt said. Oklahoma was the only state to craft its own agreement with Bank of America, Citi, JPMorgan Chase, GMAC/Ally, and Wells Fargo.

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Citigroup’s CEO and COO Resign

One day after posting better-than-expected-albeit reduced-Q3 quarterly earnings, Citigroup announced the resignations of CEO Vikram Pandit and president and COO John P. Havens. Pandit's sudden and unexpected announcement has some analysts and investors baffled. Filling Pandit's shoes as CEO is Michael Corbat, who previously served as Citigroup's CEO of Europe, the Middle East, and Africa.

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Citigroup Reports Net Income Down in Q3

Citigroup reported a net income of $468 million, or $0.15 per share, for the third quarter of 2012, down from $3.8 billion in the same quarter a year ago. Citi reported the third quarter results included a pre-tax loss of $4.7 billion after Citi decided to sell off its remaining stake in Morgan Stanley Smith Barney (MSSB) to Morgan Stanley.

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Major Servicers Report Implementing 320 Servicing Standards

The nation's five largest mortgage servicers had 180 days to implement the 320 servicing standards outlined in the settlement reached with the U.S. Department of Justice and 49 state attorneys general. The standards address such areas as borrower communication, single point of contact, training for loss mitigation staff, and document execution related to foreclosure actions. And as described by the attorneys general's own negotiating committee, to put all the required changes in place involved ""a massive undertaking.""

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CitiMortgage to Launch Home Rental Program as Foreclosure Alternative

CitiMortgage announced the launch of the Home Rental Program, a program designed to provide an alternative to foreclosure and allow eligible borrowers to stay in their homes. Under the program, the eligible borrower transfers ownership of the property to a vehicle established by Carrington Capital and its joint venture partner, Oaktree Capital Management, L.P. A lease will then be established for the property at a manageable monthly payment.

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Citigroup Reports 12% Decrease in Q2 Earnings

Citigroup reported a net income of $2.9 billion, $0.95 per share, during the second quarter of this year, down 12 percent from the second quarter of last year, according to its earnings report released Monday. The bank's revenues totaled $18.6 billion in the second quarter, a 10 percent decline from last year. According to Citigroup, the decline in earnings is largely the result of the ongoing process of winding down Citi Holdings, a division opened in 2009 to house assets and businesses the bank hopes to unload.

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CitiMortgage Starts ‘Road to Recovery’ Tour to Assist Service Members

CitiMortgage announced Thursday the launch of its proprietary ""Citi Military Road to Recovery Tour"" designed to help current and former Armed Services members who need assistance with their mortgages. The tour will feature five homeowner-support events near military bases all around the United States. At these events, Citi's Homeowner Support Travel Team of mortgage experts and HUD-approved housing counselors will have individualized discussions with both current service members and veterans.

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National Servicing Settlement Funds Expand Connecticut Programs

Connecticut attorney general George Jepsen announced Friday that programs of benefits resulting from a $25 billion mortgage foreclosure servicing settlement are moving forward in the state. Out of Connecticut's $190 million share of the settlement funds, an estimated $119 million is going into loan modifications. The banks have also agreed to provide $36 million in refinancing to Connecticut borrowers whose homes are worth less than their mortgages. Furthermore, they agreed to provide cash payments of about $1,500 to an estimated 7,500 borrowers in the state who experienced loan servicing abuses and lost their homes to foreclosure between the start of 2008 and the end of 2011.

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