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Friday, April 17, 2009

Citi: Net Credit Losses Rising Rapidly

by Calculated Risk on 4/17/2009 09:47:00 AM

First, Citi has committed to "tell the market exactly" the results of the stress tests:

[I]t made sense to delay the launch of the exchange offer until we could tell the market exactly what the results of the stress test are.
Citigroup, April 17, 2009
Citi Net Credit Losses And from the investor presentation:

Click on graph for larger image in new window.

Note the rapid rise in card NCLs. NCLs jumped from 8.04% in Q4 to 10.18% in Q1 2009.

Mortgage NCLs are rising sharply too.

Citi Mortgage Net Credit Losses The second graph shows the 90+ Days Past Due (DPD) trend for 1st and 2nd mortgages, and the Net Credit Losses.

The 90+ DPD is increasing rapidly for 1st mortgages - jumping from 5.71% in Q4, to 7.15% in Q1 2009.

Credit losses are still rising rapidly at Citi.