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Originations Improve as Citi Reports Massive Loss

$34.3 billion first quarter production

April 18, 2008

By MortgageDaily.com staff

Citigroup Inc. reported a massive quarterly loss -- though it was an improvement over the prior quarter. Mortgage loan fundings also improved from the fourth quarter.

Real estate loan originations during the first quarter were $34.3 billion, according to earnings data released today. Production rose from $29.5 billion in the prior period but fell from $39.6 billion a year earlier.

The third-party mortgage servicing portfolio climbed to $645.7 billion on March 31 from $599.6 billion on Dec. 31.

Delinquency of at least 90 days on U.S. real estate loans was 2.73 percent at the end of the first quarter, climbing from the prior quarter's 2.31 percent and 1.13 percent a year earlier. On just its first mortgages, delinquency ended the period at 3.02 percent. While borrowers with loan-to-values of at least 90 percent and FICO scores of less than 520 represented just 1 percent of its first mortgage portfolio -- they accounted for more than one-third of delinquency. Second mortgage delinquency was 1.45 percent.

Commercial real estate loans on the books were $16.9 billion at the end of March. Delinquency stood at 0.69 percent, rising from 0.53 percent at the end of 2007.

Net income for U.S. real estate lending was an $0.4 billion loss, improving from a $1.2 billion loss in the fourth quarter but worse than the $0.3 billion profit in the first quarter 2007.

Company-wide, net income was a massive loss of $5.1 billion, though it was an improvement from the $9.8 billion fourth quarter loss. During the first quarter 2007, earnings were a $5.0 billion profit. Earnings results included $6.0 billion in subprime-related write-downs and $1.0 billion in Alt-A write-downs.

Subprime exposure on super senior collateralized-debt obligations fell to $22.7 billion from $29.3 billion on Dec. 31 mostly because of write-downs.

"Our financial results reflect the continuation of the unprecedented market and credit environment and its impact on our historical risk positions," Citigroup Chief Executive Officer Vikram Pandit said in the statement. "During the first quarter, valuations of our subprime related exposures in fixed income markets and leveraged finance assets have further declined and credit costs in our consumer lending businesses have increased."

Citi said it had 369,000 employees on March 31.

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