Other Real Estate Owned and Other Repossessed Assets for Citigroup (C)

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C » Topics » Other Real Estate Owned and Other Repossessed Assets

This excerpt taken from the C 10-K filed Feb 22, 2008.

OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS


In millions of dollars at year end	2007		2006		2005		2004		2003
Other real estate owned ⁽¹⁾⁽²⁾
Consumer	$	707	$	385	$	279	$	320	$	437
Corporate		512		316		150		126		105
Total other real estate owned	$	1,219	$	701	$	429	$	446	$	542
Other repossessed assets ⁽³⁾	$	99	$	75	$	62	$	93	$	151

(1)	Represents repossessed real estate, carried at lower of cost or fair value less costs to sell.

(2)	Includes the impact of foreclosures on subprime residential mortgages in the U.S. real estate portfolio.

(3)	Primarily commercial transportation equipment and manufactured housing, carried at lower of cost or fair value less costs to sell.

This excerpt taken from the C 10-Q filed May 4, 2007.

Other Real Estate Owned and Other Repossessed Assets

In millions of dollars	Mar. 31, 2007		Dec. 31, 2006		Sept. 30, 2006		June 30, 2006		Mar. 31, 2006
Other real estate owned(1)
Consumer	$	461	$	385	$	356	$	324	$	322
Corporate		348		316		193		171		144

Total other real estate owned	$	809	$	701	$	549	$	495	$	466

Other repossessed assets(2)	$	77	$	75	$	62	$	53	$	52

(1): Represents repossessed real estate, carried at lower of cost or fair value, less costs to sell.
(2): Primarily transportation equipment, carried at lower of cost or fair value, less costs to sell.

CONSUMER PORTFOLIO REVIEW

Citigroup's Consumer Loan portfolio is well diversified by both product and location.

In the Consumer portfolio, credit loss experience is often expressed in terms of annualized net credit losses as a percentage of average loans. Consumer loans are generally written off no later than a predetermined number of days past due on a contractual basis, or earlier in the event of bankruptcy.

U.S. Commercial Business includes loans and leases made principally to small- and middle-market businesses. These are placed on a non-accrual basis when it is determined that the payment of interest or principal is past due for 90 days or more, except when the loan is well secured and in the process of collection.

The following table summarizes delinquency and net credit loss experience in both the managed and on-balance sheet Consumer Loan portfolios. The managed loan portfolio includes held-for-sale and securitized credit card receivables, which affects only U.S. Cards from a product view and U.S. from a regional view. Although a managed basis presentation is not in conformity with GAAP, the Company believes managed credit statistics provide a representation of performance and key indicators of the credit card business that is consistent with the way management reviews operating performance and allocates resources. For example, the U.S. Cards business considers both on-balance sheet and securitized balances (together, its managed portfolio) when determining capital allocation and general management decisions and compensation. Furthermore, investors use information about the credit quality of the entire managed portfolio, as the results of both the on-balance sheet and securitized portfolios impact the overall performance of the U.S. Cards business. For a further discussion of managed-basis reporting, see Note 13 on page 98.

This excerpt taken from the C 10-K filed Feb 23, 2007.

OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS


In millions of dollars at year end	2006		2005		2004		2003		2002
Other real estate owned ⁽¹⁾
Consumer	$	385	$	279	$	320	$	437	$	495
Corporate		316		150		126		105		75
Total other real estate owned	$	701	$	429	$	446	$	542	$	570
Other repossessed assets ⁽²⁾	$	75	$	62	$	93	$	151	$	230

(1)	Represents repossessed real estate, carried at lower of cost or fair value, less costs to sell.

(2)	Primarily commercial transportation equipment and manufactured housing, carried at lower of cost or fair value, less costs to sell.

This excerpt taken from the C 10-Q filed Nov 3, 2006.

Other Real Estate Owned and Other Repossessed Assets

*In millions of dollars*	September 30, 2006		June 30, 2006		March 31, 2006		December 31, 2005		September 30, 2005
Other real estate owned(1)
Consumer	$	356	$	324	$	322	$	279	$	283
Corporate		193		171		144		150		153

Total other real estate owned	$	549	$	495	$	466	$	429	$	436

Other repossessed assets	$	62	$	53	$	52	$	62	$	57

(1): Represents repossessed real estate, carried at lower of cost or fair value, less costs to sell.

This excerpt taken from the C 10-Q filed Aug 4, 2006.

Other Real Estate Owned and Other Repossessed Assets

In millions of dollars	June 30, 2006		March 31, 2006		December 31, 2005		September 30, 2005		June 30, 2005
Other real estate owned(1)
Consumer	$	324	$	322	$	279	$	283	$	248
Corporate		171		144		150		153		133

Total other real estate owned	$	495	$	466	$	429	$	436	$	381

Other repossessed assets	$	53	$	52	$	62	$	57	$	49

(1): Represents repossessed real estate, carried at lower of cost or fair value, less costs to sell.

This excerpt taken from the C 10-Q filed May 5, 2006.

Other Real Estate Owned and Other Repossessed Assets

In millions of dollars	Mar. 31, 2006		Dec. 31, 2005		Sept. 30, 2005		June 30, 2005		Mar. 31, 2005
Other real estate owned(1)
Consumer	$	322	$	279	$	283	$	248	$	286
Corporate		144		150		153		133		127

Total other real estate owned	$	466	$	429	$	436	$	381	$	413

Other repossessed assets(2)	$	52	$	62	$	57	$	49	$	74

(1): Represents repossessed real estate, carried at lower of cost or fair value, less costs to sell.
(2): Primarily transportation equipment, carried at lower of cost or fair value, less costs to sell.

This excerpt taken from the C 10-Q filed Nov 4, 2005.

Other Real Estate Owned and Other Repossessed Assets

In millions of dollars	Sept. 30, 2005		June 30, 2005		Mar. 31, 2005		Dec. 31, 2004		Sept. 30, 2004
Other real estate owned(1)
Consumer	$	283	$	248	$	286	$	320	$	373
Corporate		153		133		127		126		95

Total other real estate owned	$	436	$	381	$	413	$	446	$	468

Other repossessed assets(2)	$	57	$	49	$	74	$	93	$	100

(1): Represents repossessed real estate, carried at lower of cost or fair value, less costs to sell.
(2): Primarily transportation equipment, carried at lower of cost or fair value, less costs to sell.

CONSUMER PORTFOLIO REVIEW

In the consumer portfolio, credit loss experience is often expressed in terms of annualized net credit losses as a percentage of average loans. Pricing and credit policies reflect the loss experience of each particular product and country. Consumer loans are generally written off no later than a predetermined number of days past due on a contractual basis, or earlier in the event of bankruptcy. The specific write-off criteria are set according to loan product and country.

Commercial Business, which is included within Retail Banking, includes loans and leases made principally to small- and middle-market businesses. Commercial Business loans are placed on a non-accrual basis when it is determined that the payment of interest or principal is doubtful of collection or when interest or principal is past due for 90 days or more, except when the loan is well secured and in the process of collection. Commercial Business non-accrual loans are not strictly determined on a delinquency basis; therefore, they have been presented as a separate component in the consumer credit disclosures.

The following table summarizes delinquency and net credit loss experience in both the managed and on-balance sheet loan portfolios in terms of loans 90 days or more past due, net credit losses, and as a percentage of related loans. The table also summarizes the accrual status of Commercial Business loans as a percentage of related loans. The managed loan portfolio includes credit card receivables held for sale and securitized, and the table reconciles to a held basis, the comparable GAAP measure. Only North America Cards from a product view and North America from a regional view are impacted. Although a managed basis presentation is not in conformity with GAAP, the Company believes it provides a representation of performance and key indicators of the credit card business that is consistent with the way management reviews operating performance and allocates resources. For example, the Cardsbusiness considers both on-balance sheet and securitized balances (together, their managed portfolio) when determining capital allocation and general management decisions and compensation. Furthermore, investors utilize information about the credit quality of the entire managed portfolio, as the results of both the held and securitized portfolios impact the overall performance of the Cards business. For a further discussion of managed basis reporting, see the Cards business on page 22 and Note 13 to the Consolidated Financial Statements.

This excerpt taken from the C 10-Q filed Aug 4, 2005.

Other Real Estate Owned and Other Repossessed Assets

*In millions of dollars*	June 30, 2005		Mar. 31, 2005		Dec. 31, 2004		Sept. 30, 2004		June 30, 2004
Other real estate owned(1)
Consumer	$	248	$	286	$	320	$	373	$	369
Corporate		133		127		126		95		98

Total other real estate owned	$	381	$	413	$	446	$	468	$	467

Other repossessed assets(2)	$	49	$	74	$	93	$	100	$	97

(1): Represents repossessed real estate, carried at lower of cost or fair value, less costs to sell.
(2): Primarily transportation equipment, carried at lower of cost or fair value, less costs to sell.

This excerpt taken from the C 10-Q filed May 4, 2005.

Other Real Estate Owned and Other Repossessed Assets

In millions of dollars	Mar. 31, 2005		Dec. 31, 2004		Sept. 30, 2004		June 30, 2004		Mar. 31, 2004
Other real estate owned(1)
Consumer	$	286	$	320	$	373	$	369	$	396
Corporate		127		126		95		98		94

Total other real estate owned	$	413	$	446	$	468	$	467	$	490

Other repossessed assets(2)	$	74	$	93	$	100	$	97	$	123

(1): Represents repossessed real estate, carried at lower of cost or fair value, less costs to sell.
(2): Primarily transportation equipment, carried at lower of cost or fair value, less costs to sell.

This excerpt taken from the C 10-K filed Feb 28, 2005.

OTHER REAL ESTATE OWNED
AND OTHER REPOSSESSED ASSETS

	2004		2003		2002		2001		2000
	In millions of dollars at year end
Other real estate owned(1)
Consumer	$	320	$	437	$	495	$	393	$	366
Corporate(2)		126		105		75		147		189
Corporate/Other		—		—		—		8		8

Total other real estate owned	$	446	$	542	$	570	$	548	$	563

Other repossessed assets(3)	$	93	$	151	$	230	$	439	$	292

(1): Represents repossessed real estate, carried at lower of cost or fair value, less costs to sell.
(2): Excludes Other Real Estate Owned for the insurance subsidiaries businesses in the amount of $36 million, $118 million and $102 million for 2002, 2001 and 2000, respectively, which are included in Other Assets on the Consolidated Balance Sheet in 2004 and 2003.
(3): Primarily commercial transportation equipment and manufactured housing, carried at lower of cost or fair value, less costs to sell.

EXCERPTS ON THIS PAGE:

10-K	Feb 22, 2008

10-Q	May 4, 2007

10-K	Feb 23, 2007

10-Q	Nov 3, 2006

10-Q	Aug 4, 2006

10-Q	May 5, 2006

10-Q	Nov 4, 2005

10-Q	Aug 4, 2005

10-Q	May 4, 2005

10-K	Feb 28, 2005

Citigroup (C)

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