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Mortgage portfolio trades and forward commitments. Correspondent lending, r e p u r c h a s e s and warehouse news. Secondary marketing statistics and lawsuits.

Citi Announces Warehouse Funding

$6 billion TARP initiatives announced

August 11, 2009

By staff

Among $6 billion in new initiatives announced by Citigroup Inc. was warehouse lending for mortgage bankers.

The New York-based institution released today a second-quarter progress report for its Troubled Asset Relief Program funding. Citi said it has received $50.8 billion in TARP funding as of June 30, of which $15.1 billion has been "put to work."

A special committee of senior Citi executives approved $6.0 billion in new TARP initiatives during the second quarter.

Among those initiatives was a plan to provide up to $2 billion in warehouse lending facilities to mortgage originators.

The warehouse lines-of-credit will be collateralized primarily by residential loans that are eligible for sale to government-sponsored mortgage agencies, Citi said.

Citi previously provided warehouse lending through subsidiary First Collateral Services Inc. However, that unit appeared to be winding down a year ago when it laid off 76 California employees. Its Web site is dead.

"Our efforts have enabled businesses to keep their doors open," Citi Chief Executive Officer Vikram Pandit proclaimed in the statement.

Citigroup profile

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