7.3 billion - Citigroup

Consumer Loan Modification ProgramsCiti has instituted a variety of loan modification programs toassist its borrowers with financial difficulties. Under theseprograms, the largest of which are predominately long-termmodification programs targeted at residential first mortgageborrowers, the original loan terms are modified. Substantially allof these programs incorporate some form of interest ratereduction; other concessions may include reductions or waiversof accrued interest or fees, loan tenor extensions and/or thedeferral or forgiveness of principal.Loans modified under long-term modification programs (aswell as short-term modifications originated since January 1,2011) that provide concessions to borrowers in financialdifficulty are reported as troubled debt restructurings (TDRs).Accordingly, loans modified under the programs in the tablebelow, including short-term modifications since January 1, 2011,are TDRs. These TDRs are concentrated in the U.S. See Note 12to the Consolidated Financial Statements for a discussion ofTDRs.For a summary of Citi‘s more significant U.S. modificationprograms, see ―Credit Risk—Consumer Loan ModificationPrograms‖ in Citi‘s 2011 Annual Report on Form 10-K.Modification Programs—SummaryThe following table sets forth, as of March 31, 2012, information relating to Citi‘s significant U.S. loan modification programs.In millions of dollarsProgrambalanceAverageinterest ratereductionAverage %payment reliefAveragetenor ofmodified loansDeferredPrincipal (1)PrincipalforgivenessU.S. Consumer mortgage lendingHAMP $ 4,001 8% 41% 30 years $553 $22CSM 2,052 9 21 26 years 94 4FHA/VA 3,974 7 18 28 years — —CFNA Adjustment of Terms (AOT) 3,816 3 23 29 years — —Responsible Lending 1,750 11 17 28 years — —CFNA Temporary Mortgage AOT(short-term program) 1,396 2 N/A N/A — —North America cardsLong-term modification programs 4,614 16 — 5 years — —UPP (short-term program) 595 20 N/A 1 year — —(1) Represents portion of loan principal that is non-interest bearing but still due from the borrower. Effective in the first quarter of 2012, such deferred principal ischarged off at the time of modification to the extent that the related loan balance exceeds the underlying collateral value. A significant amount of the reportedbalances have been charged off.Note: All programs in the table above are long-term modification programs unless otherwise noted.65CITIGROUP – 2012 FIRST QUARTER 10-Q