Citi Releases Preliminary Results of Quarterly Foreclosure Prevention Activities in Missouri
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Loss Mitigation Successes Outnumbered Foreclosures Completed By Nearly 9 to 1
ST. LOUIS--(BUSINESS WIRE)-- In a look at the state housing market, Citi Chief Executive Officer Vikram Pandit announced preliminary third quarter results of Citi's foreclosure prevention activities in Missouri. Results in the "Show Me State" reveal that distressed mortgage borrowers with loans serviced by Citi were able to successfully avoid potential foreclosures and remain in their homes by a ratio of nearly nine to one. In the third quarter of 2008, that ratio was approximately 3.4 to one.
"We are committed to working with community leaders, elected officials and organizations throughout Missouri and the country to identify how we can together best help provide assistance and relieve the economic pressures homeowners face," said Mr. Pandit. "Citi recognizes the obligation we have to use our global strength to help fuel the economic recovery through responsible programs and actions that support American families, communities and businesses. We intend to deliver on that obligation."
Mr. Pandit's comments came during prepared remarks to students at Washington University's Olin Business School earlier this afternoon where he discussed responsible finance. Mr. Pandit is in St. Louis to meet with employees of the CitiMortgage division, which is headquartered in O'Fallon, MO and from which Citi manages the majority of its $751 billion portfolio of owned or serviced loans. Mr. Pandit is also meeting with local government officials and community groups that Citi partners with in St. Louis to provide foreclosure prevention assistance and tools to distressed homeowners.
Nationally, since the beginning of the mortgage crisis in early 2007, Citi has helped more than 715,000 distressed homeowners develop appropriate financial solutions on underlying mortgages of $79 billion to allow them to maintain homeownership.
Industry Leading Foreclosure Prevention Programs
Since 2007, Citi has developed and implemented a robust foreclosure prevention program of modifications, extensions, forbearances, and reinstatements, which include the launch of Citi Homeowners Assistance Program, and the Citi Unemployment Assist Program. Additionally, Citi is committed to supporting other loss mitigation activities, including participation in the federal Home Affordable Mortgage Program (HAMP). As of September 30, CitiMortgage had begun mortgage modifications for 33 percent of eligible borrowers, the highest proportion of any major U.S. mortgage servicer.
Each quarter, Citi releases a detailed analysis of its national foreclosure prevention activities in its portfolio of owned or serviced loans, including its efforts in 22 states as part of its ongoing commitment to transparency in lending and foreclosure prevention. Citi remains the only lending institution to provide such analysis. The eighth edition of Citi U.S. Mortgage Lending Data and Servicing Foreclosure Prevention Efforts covering the third quarter 2009 will be issued later this month.
Following the visit to Washington University, Citi officials, including Mr. Pandit and CitiMortgage Chief Executive Officer Sanjiv Das will meet with local community partners and government officials to discuss strategies to prevent potential mortgage foreclosures, create affordable housing solutions and invest in the economic recovery of St. Louis and Missouri.
Citi is a major local employer with 5,800 employees statewide. In Missouri, Citi business contributions to eligible organizations and Citi Foundation grants to nonprofit organizations in 2008 totaled more than $1.2 million.
About Citi
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com
Source: Citigroup Inc.
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