Mortgages and real estate assets make up more than two-thirds of the $300.8 billion Citigroup Inc portfolio in which the government has agreed to share in losses.
Mortgage or real estate covered assets total $207.8 billion. They are covered under the Troubled Assets Relief Program initiated by the U.S. government last year to avert an a worse financial market meltdown.
Under the agreement, Citigroup will bear the first $39.5 billion of net losses in the covered asset pool. After that the losses will be borne 90 percent by the government and 10 percent by Citigroup.
The covered asset pool includes U.S.-based exposures and transactions which were originated before March 14, 208.
The assets covered are as follows:
Total mortgage or real estate loans: $207.8 billion
Total covered asset pool: $300.8 billion
First Mortgages - $98.9 billion
Second Mortgages - $55.2 billion
Commercial Real Estate loans - $12.4 billion
Alt-A loans - $11.4 billion
Commercial Real Estate Loans - $2.1 billion
Second mortgages - $22.4 billion
Commercial Real Estate - $5.4 billion