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Citi Performance Sinks

$28.5 billion second quarter fundings

July 18, 2008

By MortgageDaily.com staff

Citigroup Inc. revised its 2007 residential production up by more than $11 billion and reported a big decline in quarterly volume. Mortgage delinquency soared and another massive loss was reported.

Second-quarter residential originations were $28.5 billion, according to earnings data reported today. Business fell from a revised $37.2 billion in the prior quarter and a revised $49.6 billion a year earlier.

While the New York-based company had previously reported residential production of $151.9 billion during 2007, the latest statement reflected $163.3 billion in fundings last year. First-quarter 2008 volume was previously reported at $34.3 billion.

The third-party servicing portfolio was $648.5 billion on June 30, increasing from $645.7 billion three months earlier.

Residential real estate loans on the balance sheet ended the quarter at $207.0 billion, down from $217.6 billion on March 31.

Residential delinquency of at least 90 days jumped to 3.12 percent at the end of the second quarter from 2.60 percent at the end of the first quarter and 1.38 percent a year earlier.

Across all of Citigroup, net earnings were a loss of $2.5 billion, improving from a $5.1 billion loss in the first quarter but far worse than the $6.2 billion profit in the second quarter 2007. The company had $3.5 billion in subprime write-downs and $7.2 billion in credit costs heavily impacted by residential real estate.

"Higher credit costs reflected a weakening of leading credit indicators, including higher delinquencies in first and second mortgages, unsecured personal loans, and auto loans," the report said. "Credit costs also reflected trends in the macro-economic environment, including the housing market downturn."

Headcount ended the latest period at 363,000, falling from 369,000 three months earlier.

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