One-Quarter Of Citi’s Private Loan Mods Redefault

An estimated one-quarter of loans modified through Citigroup’s private programs have redefaulted over the past two years, according to John Gerspach, the bank’s cfo.

  • 18 Jul 2011

An estimated one-quarter of loans modified through Citigroup’s private programs have redefaulted over the past two years, according to John Gerspach, the bank’s cfo. The redefault rate on modifications completed through the Department of Treasury’s Home Affordable Modification Program was better—less than 15%.

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 6,665 23 13.02
2 Citi 5,781 17 11.29
3 BNP Paribas 3,530 14 6.89
4 Barclays 2,853 9 5.57
5 Credit Suisse 2,783 8 5.44

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1 Citi 99,250.27 279 13.13%
2 Bank of America Merrill Lynch 91,648.43 266 12.13%
3 Wells Fargo Securities 72,661.39 222 9.61%
4 JPMorgan 52,367.24 169 6.93%
5 Credit Suisse 41,885.89 127 5.54%