HERE IT IS. ETFC increases provision by 90 million, net earnigs negative (15 cents) for 1st qtr 2011. Fresh from JPM (edited for ETFC) - feel free to comment.
The bank took large charges in expectation of increased costs for servicing mortgages and for foreclosure in the future. Chief Financial Officer Matthew Audette told reporters on a conference call the charges reflected the bank's expectation for increased costs because of significant regulations from a pending agreement with banking regulators. Mr. Matthew Audette said a consent order with regulators could be expected as soon as later Wednesday and would address controls for mortgages including modifications. A settlement with many banks, including new rules, has been expected. Etrade took a $90 million adjustment to its mortgage-servicing assets because of that pending consent order.