Citibank 2014 Annual Report Download - page 221

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Consumer Troubled Debt Restructurings
The following tables present consumer TDRs occurring during the years ended December 31, 2014 and 2013:
At and for the year ended December 31, 2014
In millions of dollars except
number of loans modified
Number of
loans modified
Post-modification
recorded investment (1)(2)
Deferred
principal (3)
Contingent
principal
forgiveness (4)
Principal
forgiveness (5)
Average
interest rate
reduction
North America
Residential first mortgages 20,114 $2,478 $52 $36 $16 1%
Home equity loans 7,444 279 3 — 14 2
Credit cards 185,962 808 — — — 15
Installment and other revolving 46,838 351 — — — 7
Commercial markets (6) 191 35 — — 1 —
Total (7) 260,549 $3,951 $55 $36 $31
International
Residential first mortgages 3,150 $ 103 $— $— $ 1 1%
Home equity loans 67 11 — — — —
Credit cards 139,128 447 — — 9 13
Installment and other revolving 61,563 292 — — 7 9
Commercial markets (6) 346 200 — — — —
Total (7) 204,254 $1,053 $— $— $17
At and for the year ended December 31, 2013
In millions of dollars except
number of loans modified
Number of
loans modified
Post-modification
recorded investment (1)(8)
Deferred
principal (3)
Contingent
principal
forgiveness (4)
Principal
forgiveness (5)
Average
interest rate
reduction
North America
Residential first mortgages 32,116 $ 4,160 $68 $25 $158 1%
Home equity loans 12,774 552 1 — 92 1
Credit cards 172,211 826 — — — 14
Installment and other revolving 53,332 381 — — — 7
Commercial markets (6) 202 39 — — — —
Total (7) 270,635 $ 5,958 $69 $ 25 $250
International
Residential first mortgages 3,598 $ 159 $— $— $ 2 1%
Home equity loans 68 2 — — — —
Credit cards 165,350 557 — — 10 13
Installment and other revolving 59,030 342 — — 7 7
Commercial markets (6) 413 104 2 — — —
Total (7) 228,459 $ 1,164 $ 2 $— $ 19
(1) Post-modification balances include past due amounts that are capitalized at the modification date.
(2) Post-modification balances in North America include $322 million of residential first mortgages and $80 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the year ended
December 31, 2014. These amounts include $179 million of residential first mortgages and $69 million of home equity loans that were newly classified as TDRs in the year ended December 31, 2014 as a result of
OCC guidance, as described above.
(3) Represents portion of contractual loan principal that is non-interest bearing but still due from the borrower. Such deferred principal is charged off at the time of permanent modification to the extent that the related loan
balance exceeds the underlying collateral value.
(4) Represents portion of contractual loan principal that is non-interest bearing and, depending upon borrower performance, eligible for forgiveness.
(5) Represents portion of contractual loan principal that was forgiven at the time of permanent modification.
(6) Commercial markets loans are generally borrower-specific modifications and incorporate changes in the amount and/or timing of principal and/or interest.
(7) The above tables reflect activity for loans outstanding as of the end of the reporting period that were considered TDRs.
(8) Post-modification balances in North America include $502 million of residential first mortgages and $101 million of home equity loans to borrowers who have gone through Chapter 7 bankruptcy in the year ended
December 31, 2013. These amounts include $332 million of residential first mortgages and $85 million of home equity loans that were newly classified as TDRs in the year ended December 31, 2013 as a result of
OCC guidance, as described above.