We also continue to focus on supporting the U.S. housing market:
Since the start of the housing crisis in 2007, we have worked successfully withapproximately 440,000 homeowners to avoid potential foreclosure on combinedmortgages totaling approximately $43 billion. Last year, we kept approximately fourout of five distressed borrowers with mortgages serviced by Citi in their homes.
We are adopting the FDIC’s streamlined model for post-delinquency loanmodification programs. And, through the Citi Homeowner Assistance Program, wecontinue to reach out to families and individuals who may be experiencing some formof economic stress despite being current on their payments.
We are also continuing our foreclosure moratorium for eligible borrowers with Citi-owned mortgages who work with us in good faith to remain in their primary residenceand have sufficient income to make affordable mortgage payments.
To ensure that our efforts have the broadest possible impact, Citi has worked withinvestors and owners of more than 90 percent of the 4.3 million mortgages weservice – but do not own – so that many more qualified borrowers can also benefitfrom this moratorium.In addition, as municipal bond underwriters, we are working with state and local governmentsto help them in these difficult times, and we continue to help U.S. corporations find sourcesof new capital to fund their businesses through our underwriting of debt and equity offerings.The Government, on behalf of American taxpayers, has invested in Citi. We have anobligation to repay that confidence in ways that go well beyond the $3.41 billion that Citi willpay the Government each year in dividends associated with its TARP investment and aseparate loss sharing agreement.We will continue to work in partnership with the Government to help put the economy backon track. As we work to expand the flow of credit and as confidence begins to return to thefinancial system and the U.S. economy overall, we will continue to evaluate our use of TARPcapital to help ensure that we deploy it appropriately. We look forward to updating you afterthe end of the first quarter.Vikram Pandit
Chief Executive Officer