Citibank 2012 Annual Report Download - page 227

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Consumer Troubled Debt Restructurings
The following tables present Consumer TDRs occurring during the years ended December 31, 2012 and 2011:
At and for the year ended December 31, 2012
In millions of dollars except
number of loans modified
Number of
loans modified
Post-modification
recorded investment (1)(2)
Chapter 7
bankruptcy
charge-offs (2)
Deferred
principal (3)
Contingent
principal
forgiveness (4)
Principal
forgiveness
Average
interest rate
reduction
North America
Residential first mortgages 59,869 $ 8,107 $ 154 $ 10 $ 7 $ 553 1%
Home equity loans 33,586 862 450 5 — 78 2
Credit cards 204,999 1,053 — — — — 16
Installment and other revolving 64,858 469 — — — — 6
Commercial markets (5) 170 18 — — — — —
Total 363,482 $10,509 $ 604 $ 15 $ 7 $ 631
International
Residential first mortgages 9,447 $ 324 $ — $ — $ — $ 2 1%
Home equity loans 58 4 — — — — —
Credit cards 206,755 632 — — — 1 29
Installment and other revolving 45,191 280 — — — 1 22
Commercial markets (5) 377 171 — — 1 2 —
Total 261,828 $ 1,411 $ — $ — $ 1 $ 6
At and for the year ended December 31, 2011
In millions of dollars except
number of loans modified
Number of
loans modified
Post-modification
recorded investment (1)
Deferred
principal (3)
Contingent
principal
forgiveness (4)
Principal
forgiveness
Average
interest rate
reduction
North America
Residential first mortgages 33,025 $ 5,137 $ 66 $ 50 $ — 2%
Home equity loans 18,099 923 17 1 — 4
Credit cards 611,715 3,554 — — — 19
Installment and other revolving 101,107 756 — — — 4
Commercial markets (5) 579 55 — — 1 —
Total 764,525 $10,425 $ 83 $ 51 $ 1
International
Residential first mortgages 8,206 $ 311 $— $ — $ 5 1%
Home equity loans 61 4 — — — —
Credit cards 225,238 628 — — 2 24
Installment and other revolving 133,062 545 — — 8 12
Commercial markets (5) 55 167 — — 1 —
Total 366,622 $ 1,655 $ — $ — $ 16
(1) Post-modification balances include past due amounts that are capitalized at modification date.
(2) Post-modification balances in North America include $2,740 million of residential first mortgages and $497 million of home equity loans to borrowers that have gone through Chapter 7 bankruptcy. These amounts
include $1,414 million of residential first mortgages and $409 million of home equity loans that are newly classified as TDRs as a result of this OCC guidance. Chapter 7 bankruptcy column amounts are the
incremental charge-offs that were recorded in the year ended December 31, 2012 as a result of this new OCC guidance.
(3) Represents portion of loan principal that is non-interest bearing but still due from borrower. Effective in the first quarter of 2012, such deferred principal is charged-off at the time of modification to the extent that the
related loan balance exceeds the underlying collateral value. A significant amount of the reported balances have been charged-off.
(4) Represents portion of loan principal that is non-interest bearing and, depending upon borrower performance, eligible for forgiveness.
(5) Commercial markets loans are generally borrower-specific modifications and incorporate changes in the amount and/or timing of principal and/or interest.