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Citi Hemorrhages as Activity Deteriorates

$22.0 billion Q3 originations

October 16, 2008

By MortgageDaily.com staff

Quarterly mortgage production was off more than 20 percent at Citigroup Inc., which has reported more than $20 billion in losses over the past year as delinquency has doubled.

Third-quarter residential originations were $22.0 billion, according to earnings data reported today. Fundings fell from $28.5 billion in the second quarter and a revised $39.4 billion a year earlier. Year-to-date volume is at $87.7 billion.

The third-party mortgage servicing portfolio ended the third quarter at $646.5 billion, off from $648.5 billion at the end of the second quarter.

Citi held $202.0 billion in residential loans at the end of September, down from $207.0 billion at the end of June. Subprime-related exposure dropped to $16.3 billion from $18.1 billion.

Mortgage delinquency of at least 90 days was 3.85 percent on Sept. 30, rising from 3.12 percent three months earlier. Delinquency was more than double the 1.76 percent level a year earlier.

Company-wide, Citi had a $2.8 billion loss in the third quarter, rising from a $2.5 billion loss the prior quarter and a $2.2 billion profit in the third-quarter 2007. During the past four quarters, losses amount to $20.3 billion. Earnings reflected a $1.4 billion increase in credit losses, an $0.7 billion increase in loan loss reserves and an $0.2 billion mark-to-market loss on the mortgage servicing right asset and related hedge.

The New York-based financial giant said its direct staff fell to 352,000 from 363,000 in the second quarter.

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