LOANS (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of changes in the accretable yield, related allowance and carrying amount, net of accretable yield

The changes in the accretable yield, related allowance and carrying amount net of accretable yield for 2014 and 2013 are as follows:



In millions of dollars	Accretable yield			Carrying amount of loan receivable			Allowance
Balance at December 31, 2012	$	22		$	537		$	98
Purchases ⁽¹⁾	$	46		$	405		$	—
Disposals/payments received	(5		)	(199		)	(8		)
Accretion	(10		)	10			—
Builds (reductions) to the allowance	22			—			25
Increase to expected cash flows	3			—			—
FX/other	—			(50		)	(2		)
Balance at December 31, 2013 ⁽²⁾	$	78		$	703		$	113
Purchases⁽¹⁾	$	1		$	46		$	—
Disposals/payments received	(6		)	(307		)	(15		)
Accretion	(24		)	24			—
Builds (reductions) to the allowance	(36		)	—			(27		)
Increase to expected cash flows	23			—			—
FX/other	(9		)	(45		)	(11		)
Balance at December 31, 2014 ⁽²⁾	$	27		$	421		$	60

(1)

The balance reported in the column “Carrying amount of loan receivable” consists of $46 million and $405 million in 2014 and 2013, respectively, of purchased loans accounted for under the level-yield method. No purchased loans were accounted for under the cost-recovery method. These balances represent the fair value of these loans at their acquisition date. The related total expected cash flows for the level-yield loans at their acquisition dates were $46 million and $451 million in 2014 and 2013, respectively.


(2)	The balance reported in the column “Carrying amount of loan receivable” consists of $413 million and $691 million of loans accounted for under the level-yield method and $8 million and $12 million accounted for under the cost-recovery method in 2014 and 2013, respectively.

Consumer

Loans receivable

Schedule of loans

The following table provides information by loan type for the periods indicated:



In millions of dollars	2014			2013
Consumer loans
In U.S. offices
Mortgage and real estate⁽¹⁾	$	96,533		$	108,453
Installment, revolving credit, and other	14,450			13,398
Cards	112,982			115,651
Commercial and industrial	5,895			6,592
	$	229,860		$	244,094
In offices outside the U.S.
Mortgage and real estate⁽¹⁾	$	54,462		$	55,511
Installment, revolving credit, and other	31,128			33,182
Cards	32,032			36,740
Commercial and industrial	22,561			24,107
Lease financing	609			769
	$	140,792		$	150,309
Total Consumer loans	$	370,652		$	394,403
Net unearned income	(682		)	(572		)
Consumer loans, net of unearned income	$	369,970		$	393,831


(1)	Loans secured primarily by real estate.

Schedule of loan delinquency and non-accrual details

Consumer Loan Delinquency and Non-Accrual Details at December 31, 2014



In millions of dollars	Total current⁽¹⁾⁽²⁾		30-89 days past due⁽³⁾		≥ 90 days past due⁽³⁾		Past due government guaranteed⁽⁴⁾		Total loans⁽²⁾		Total non-accrual		90 days past due and accruing
In North America offices
Residential first mortgages	$	61,730	$	1,280	$	1,371	$	3,443	$	67,824	$	2,746	$	2,759
Home equity loans⁽⁵⁾	27,262		335		520		—		28,117		1,271		—
Credit cards	111,441		1,316		1,271		—		114,028		—		1,273
Installment and other	12,361		229		284		—		12,874		254		3
Commercial market loans	8,630		31		13		—		8,674		135		15
Total	$	221,424	$	3,191	$	3,459	$	3,443	$	231,517	$	4,406	$	4,050
In offices outside North America
Residential first mortgages	$	44,782	$	312	$	223	$	—	$	45,317	$	454	$	—
Home equity loans⁽⁵⁾	—		—		—		—		—		—		—
Credit cards	30,327		602		553		—		31,482		413		322
Installment and other	29,297		328		149		—		29,774		216		—
Commercial market loans	31,280		86		255		—		31,621		405		—
Total	$	135,686	$	1,328	$	1,180	$	—	$	138,194	$	1,488	$	322
Total GCB and Citi Holdings	$	357,110	$	4,519	$	4,639	$	3,443	$	369,711	$	5,894	$	4,372
Other	238		10		11		—		259		30		—
Total Citigroup	$	357,348	$	4,529	$	4,650	$	3,443	$	369,970	$	5,924	$	4,372


(1)	Loans less than 30 days past due are presented as current.


(2)	Includes $43 million of residential first mortgages recorded at fair value.


(3)	Excludes loans guaranteed by U.S. government-sponsored entities.


(4)	Consists of residential first mortgages that are guaranteed by U.S. government-sponsored entities that are 30–89 days past due of $0.6 billion and 90 days past due of $2.8 billion.


(5)	Fixed rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions.

Consumer Loan Delinquency and Non-Accrual Details at December 31, 2013



In millions of dollars	Total current⁽¹⁾⁽²⁾		30-89 days past due⁽³⁾		≥ 90 days past due⁽³⁾		Past due government guaranteed⁽⁴⁾		Total loans⁽²⁾		Total non-accrual		90 days past due and accruing
In North America offices
Residential first mortgages	$	66,612	$	2,044	$	1,975	$	5,271	$	75,902	$	3,415	$	3,997
Home equity loans⁽⁵⁾	30,603		434		605		—		31,642		1,452		—
Credit cards	113,886		1,491		1,452		—		116,829		—		1,452
Installment and other	12,609		225		243		—		13,077		247		7
Commercial market loans	8,630		26		28		—		8,684		112		7
Total	$	232,340	$	4,220	$	4,303	$	5,271	$	246,134	$	5,226	$	5,463
In offices outside North America
Residential first mortgages	$	46,067	$	435	$	332	$	—	$	46,834	$	584	$	—
Home equity loans⁽⁵⁾	—		—		—		—		—		—		—
Credit cards	34,733		780		641		—		36,154		402		413
Installment and other	30,138		398		158		—		30,694		230		—
Commercial market loans	33,242		111		295		—		33,648		610		—
Total	$	144,180	$	1,724	$	1,426	$	—	$	147,330	$	1,826	$	413
Total GCB and Citi Holdings	$	376,520	$	5,944	$	5,729	$	5,271	$	393,464	$	7,052	$	5,876
Other	338		13		16		—		367		43		—
Total Citigroup	$	376,858	$	5,957	$	5,745	$	5,271	$	393,831	$	7,095	$	5,876


(1)	Loans less than 30 days past due are presented as current.


(2)	Includes $0.9 billion of residential first mortgages recorded at fair value.


(3)	Excludes loans guaranteed by U.S. government-sponsored entities.


(4)	Consists of residential first mortgages that are guaranteed by U.S. government-sponsored entities that are 30–89 days past due of $1.2 billion and 90 days past due of $4.1 billion.


(5)	Fixed rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions.

Schedule of loans credit quality indicators

The following tables provide details on the FICO scores attributable to Citi’s U.S. consumer loan portfolio as of December 31, 2014 and 2013 (commercial market loans are not included in the table since they are business-based and FICO scores are not a primary driver in their credit evaluation). FICO scores are updated monthly for substantially all of the portfolio or, otherwise, on a quarterly basis, for the remaining portfolio.



FICO score distribution in U.S. portfolio⁽¹⁾⁽²⁾	December 31, 2014
In millions of dollars	Less than 620		≥ 620 but less than 660		Equal to or greater than 660
Residential first mortgages	$	8,911	$	5,463	$	45,783
Home equity loans	3,257		2,456		20,957
Credit cards	7,647		10,296		92,877
Installment and other	4,015		2,520		5,150
Total	$	23,830	$	20,735	$	164,767


(1)	Excludes loans guaranteed by U.S. government entities, loans subject to long-term standby commitments (LTSCs) with U.S. government-sponsored entities and loans recorded at fair value.


(2)	Excludes balances where FICO was not available. Such amounts are not material.



FICO score distribution in U.S. portfolio⁽¹⁾⁽²⁾	December 31, 2013
In millions of dollars	Less than 620		≥ 620 but less than 660		Equal to or greater than 660
Residential first mortgages	$	11,860	$	6,426	$	46,207
Home equity loans	4,093		2,779		23,152
Credit cards	8,125		10,693		94,437
Installment and other	3,900		2,399		5,186
Total	$	27,978	$	22,297	$	168,982


(1)	Excludes loans guaranteed by U.S. government entities, loans subject to LTSCs with U.S. government-sponsored entities and loans recorded at fair value.


(2)	Excludes balances where FICO was not available. Such amounts are not material.

Schedule of impaired loans

The following tables present information about total impaired consumer loans at and for the periods ended December 31, 2014 and 2013, respectively, and for the years ended December 31, 2014 and 2013 for interest income recognized on impaired consumer loans:



	At and for the year ended December 31, 2014
In millions of dollars	Recorded investment⁽¹⁾⁽²⁾		Unpaid principal balance		Related specific allowance⁽³⁾		Average carrying value⁽⁴⁾		Interest income recognized⁽⁵⁾⁽⁶⁾
Mortgage and real estate
Residential first mortgages	$	13,551	$	14,387	$	1,909	$	15,389	$	690
Home equity loans	2,029		2,674		599		2,075		74
Credit cards	2,407		2,447		849		2,732		196
Installment and other
Individual installment and other	948		963		450		975		124
Commercial market loans	423		599		110		381		22
Total	$	19,358	$	21,070	$	3,917	$	21,552	$	1,106


(1)	Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount and direct write-downs and includes accrued interest only on credit card loans.


(2)	$1,896 million of residential first mortgages, $554 million of home equity loans and $158 million of commercial market loans do not have a specific allowance.

(3) Included in the Allowance for loan losses.

(4) Average carrying value represents the average recorded investment ending balance for the last four quarters and does not include the related specific allowance.

(5) Includes amounts recognized on both an accrual and cash basis.

(6) Cash interest receipts on smaller-balance homogeneous loans are generally recorded as revenue. The interest recognition policy for commercial market loans is identical to that for corporate loans, as described below.



	At and for the year ended December 31, 2013
In millions of dollars	Recorded investment⁽¹⁾⁽²⁾		Unpaid principal balance		Related specific allowance⁽³⁾		Average carrying value⁽⁴⁾		Interest income recognized^(5)(6)(7)
Mortgage and real estate
Residential first mortgages	$	16,801	$	17,788	$	2,309	$	17,616	$	790
Home equity loans	2,141		2,806		427		2,116		81
Credit cards	3,339		3,385		1,178		3,720		234
Installment and other
Individual installment and other	1,114		1,143		536		1,094		153
Commercial market loans	398		605		183		404		22
Total	$	23,793	$	25,727	$	4,633	$	24,950	$	1,280


(1)	Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount and direct write-downs and includes accrued interest only on credit card loans.


(2)	$2,169 million of residential first mortgages, $568 million of home equity loans and $111 million of commercial market loans do not have a specific allowance.


(3)	Included in the Allowance for loan losses.


(4)	Average carrying value represents the average recorded investment ending balance for last four quarters and does not include the related specific allowance.

(5) Includes amounts recognized on both an accrual and cash basis.


(7)	Interest income recognized for the year ended December 31, 2012 was $1,520 million.

Schedule of 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.

Schedule of troubled debt restructuring loans that defaulted

The following table presents consumer TDRs that defaulted during the years ended December 31, 2014 and 2013, respectively, for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due, except for classifiably managed commercial markets loans, where default is defined as 90 days past due.



	Years ended December 31,
In millions of dollars	2014		2013
North America
Residential first mortgages	$	715	$	1,532
Home equity loans	72		183
Credit cards	194		204
Installment and other revolving	95		91
Commercial markets	9		3
Total	$	1,085	$	2,013
International
Residential first mortgages	$	24	$	54
Home equity loans	—		—
Credit cards	217		198
Installment and other revolving	104		104
Commercial markets	105		15
Total	$	450	$	371

Corporate

Loans receivable

Schedule of loans

The following table presents information by corporate loan type as of December 31, 2014 and December 31, 2013:



In millions of dollars	December 31, 2014			December 31, 2013
Corporate
In U.S. offices
Commercial and industrial	$	35,055		$	32,704
Financial institutions	36,272			25,102
Mortgage and real estate⁽¹⁾	32,537			29,425
Installment, revolving credit and other	29,207			34,434
Lease financing	1,758			1,647
	$	134,829		$	123,312
In offices outside the U.S.
Commercial and industrial	$	79,239		$	82,663
Financial institutions	33,269			38,372
Mortgage and real estate⁽¹⁾	6,031			6,274
Installment, revolving credit and other	19,259			18,714
Lease financing	356			527
Governments and official institutions	2,236			2,341
	$	140,390		$	148,891
Total Corporate loans	$	275,219		$	272,203
Net unearned income	(554		)	(562		)
Corporate loans, net of unearned income	$	274,665		$	271,641


(1)	Loans secured primarily by real estate.

Schedule of loan delinquency and non-accrual details



In millions of dollars	30-89 days past due and accruing⁽¹⁾		≥ 90 days past due and accruing⁽¹⁾		Total past due and accruing		Total non-accrual⁽²⁾		Total current⁽³⁾		Total loans ⁽⁴⁾
Commercial and industrial	$	50	$	—	$	50	$	575	$	109,764	$	110,389
Financial institutions	2		—		2		250		67,580		67,832
Mortgage and real estate	86		—		86		252		38,135		38,473
Leases	—		—		—		51		2,062		2,113
Other	49		1		50		55		49,844		49,949
Loans at fair value											5,858
Purchased Distressed Loans											51
Total	$	187	$	1	$	188	$	1,183	$	267,385	$	274,665


(1)	Corporate loans that are 90 days past due are generally classified as non-accrual. Corporate loans are considered past due when principal or interest is contractually due but unpaid.


(2)	Citi generally does not manage corporate loans on a delinquency basis. Non-accrual loans generally include those loans that are ≥ 90 days past due or those loans for which Citi believes, based on actual experience and a forward-looking assessment of the collectability of the loan in full, that the payment of interest or principal is doubtful.


(3)	Corporate loans are past due when principal or interest is contractually due but unpaid. Loans less than 30 days past due are presented as current.


(4)	Total loans include loans at fair value, which are not included in the various delinquency columns.

Corporate Loan Delinquency and Non-Accrual Details at December 31, 2013



In millions of dollars	30-89 days past due and accruing⁽¹⁾		≥ 90 days past due and accruing⁽¹⁾		Total past due and accruing		Total non-accrual⁽²⁾		Total current⁽³⁾		Total loans ⁽⁴⁾
Commercial and industrial	$	72	$	5	$	77	$	769	$	112,985	$	113,831
Financial institutions	—		—		—		365		61,704		62,069
Mortgage and real estate	183		58		241		515		34,027		34,783
Leases	9		1		10		189		1,975		2,174
Other	47		2		49		70		54,476		54,595
Loans at fair value											4,072
Purchased Distressed Loans											117
Total	$	311	$	66	$	377	$	1,908	$	265,167	$	271,641


(1)	Corporate loans that are 90 days past due are generally classified as non-accrual. Corporate loans are considered past due when principal or interest is contractually due but unpaid.


(2)	Citi generally does not manage corporate loans on a delinquency basis. Non-accrual loans generally include those loans that are ≥ 90 days past due or those loans for which Citi believes, based on actual experience and a forward-looking assessment of the collectability of the loan in full, that the payment of interest or principal is doubtful.


(3)	Corporate loans are past due when principal or interest is contractually due but unpaid. Loans less than 30 days past due are presented as current.


(4)	Total loans include loans at fair value, which are not included in the various delinquency columns.

Schedule of loans credit quality indicators



	Recorded investment in loans⁽¹⁾
In millions of dollars	December 31, 2014		December 31, 2013
Investment grade⁽²⁾
Commercial and industrial	$	80,812	$	79,360
Financial institutions	56,154		49,699
Mortgage and real estate	16,068		13,178
Leases	1,669		1,600
Other	46,284		51,370
Total investment grade	$	200,987	$	195,207
Non-investment grade⁽²⁾
Accrual
Commercial and industrial	$	29,003	$	33,702
Financial institutions	11,429		12,005
Mortgage and real estate	3,587		4,205
Leases	393		385
Other	3,609		3,155
Non-accrual
Commercial and industrial	575		769
Financial institutions	250		365
Mortgage and real estate	252		515
Leases	51		189
Other	55		70
Total non-investment grade	$	49,204	$	55,360
Private bank loans managed on a delinquency basis ⁽²⁾	$	18,616	$	17,002
Loans at fair value	5,858		4,072
Corporate loans, net of unearned income	$	274,665	$	271,641


(1)	Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs.


(2)	Held-for-investment loans are accounted for on an amortized cost basis.

Schedule of impaired loans

The following tables present non-accrual loan information by corporate loan type at December 31, 2014 and December 31, 2013 and interest income recognized on non-accrual corporate loans for the years ended December 31, 2014 and 2013, respectively:

Non-Accrual Corporate Loans



	At and for the year ended December 31, 2014
In millions of dollars	Recorded investment⁽¹⁾		Unpaid principal balance		Related specific allowance		Average carrying value⁽²⁾		Interest income recognized⁽³⁾
Non-accrual corporate loans
Commercial and industrial	$	575	$	863	$	155	$	658	$	32
Financial institutions	250		262		7		278		4
Mortgage and real estate	252		287		24		263		8
Lease financing	51		53		29		85		—
Other	55		68		21		60		3
Total non-accrual corporate loans	$	1,183	$	1,533	$	236	$	1,344	$	47



	At and for the year ended December 31, 2013
In millions of dollars	Recorded investment⁽¹⁾		Unpaid principal balance		Related specific allowance		Average carrying value⁽²⁾		Interest income recognized⁽³⁾
Non-accrual corporate loans
Commercial and industrial	$	769	$	1,074	$	79	$	967	$	30
Financial institutions	365		382		3		378		9
Mortgage and real estate	515		651		35		585		3
Lease financing	189		190		131		189		—
Other	70		216		20		64		1
Total non-accrual corporate loans	$	1,908	$	2,513	$	268	$	2,183	$	43



	December 31, 2014				December 31, 2013
In millions of dollars	Recorded investment⁽¹⁾		Related specific allowance		Recorded investment⁽¹⁾		Related specific allowance
Non-accrual corporate loans with valuation allowances
Commercial and industrial	$	224	$	155	$	401	$	79
Financial institutions	37		7		24		3
Mortgage and real estate	70		24		253		35
Lease financing	47		29		186		131
Other	55		21		61		20
Total non-accrual corporate loans with specific allowance	$	433	$	236	$	925	$	268
Non-accrual corporate loans without specific allowance
Commercial and industrial	$	351			$	368
Financial institutions	213				341
Mortgage and real estate	182				262
Lease financing	4				3
Other	—				9
Total non-accrual corporate loans without specific allowance	$	750	N/A		$	983	N/A


(1)	Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs.


(2)	Average carrying value represents the average recorded investment balance and does not include related specific allowance.


(3)	Interest income recognized for the year ended December 31, 2012 was $98 million.

N/A Not Applicable

Schedule of troubled debt restructurings

The following table presents corporate TDR activity at and for the year ended December 31, 2014.



In millions of dollars	Carrying Value		TDRs involving changes in the amount and/or timing of principal payments⁽¹⁾		TDRs involving changes in the amount and/or timing of interest payments⁽²⁾		TDRs involving changes in the amount and/or timing of both principal and interest payments
Commercial and industrial	$	48	$	30	$	17	$	1
Financial institutions	—		—		—		—
Mortgage and real estate	8		5		1		2
Other	—		—		—		—
Total	$	56	$	35	$	18	$	3

(1)

TDRs involving changes in the amount or timing of principal payments may involve principal forgiveness or deferral of periodic and/or final principal payments. Because forgiveness of principal is rare for commercial loans, modifications typically have little to no impact on the loans’ projected cash flows and thus little to no impact on the allowance established for the loan. Charge-offs for amounts deemed uncollectable may be recorded at the time of the restructuring or may have already been recorded in prior periods such that no charge-off is required at the time of the modification.


(2)	TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate.

The following table presents corporate TDR activity at and for the year ended December 31, 2013.



In millions of dollars	Carrying Value		TDRs involving changes in the amount and/or timing of principal payments⁽¹⁾		TDRs involving changes in the amount and/or timing of interest payments⁽²⁾		TDRs involving changes in the amount and/or timing of both principal and interest payments
Commercial and industrial	$	130	$	55	$	58	$	17
Financial institutions	—		—		—		—
Mortgage and real estate	34		19		14		1
Other	5		—		—		5
Total	$	169	$	74	$	72	$	23

(1)


(2)	TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate.

Schedule of troubled debt restructuring loans that defaulted

The following table presents total corporate loans modified in a TDR at December 31, 2014 and 2013, as well as those TDRs that defaulted during the three months ended December 31, 2014 and 2013 and for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due, except for classifiably managed commercial markets loans, where default is defined as 90 days past due.



In millions of dollars	TDR balances at December 31, 2014		TDR loans in payment default during the year ended December 31, 2014		TDR balances at December 31, 2013		TDR loans in payment default during the year ended December 31, 2013
Commercial and industrial	$	117	$	—	$	197	$	27
Loans to financial institutions	—		—		14		—
Mortgage and real estate	107		—		161		17
Other	355		—		422		—
Total	$	579	$	—	$	794	$	44

Mortgage and real estate

Loans receivable

Schedule of loans credit quality indicators

The following tables provide details on the LTV ratios attributable to Citi’s U.S. consumer mortgage portfolios as of December 31, 2014 and 2013. LTV ratios are updated monthly using the most recent Core Logic Home Price Index data available for substantially all of the portfolio applied at the Metropolitan Statistical Area level, if available, or the state level if not. The remainder of the portfolio is updated in a similar manner using the Federal Housing Finance Agency indices.



LTV distribution in U.S. portfolio⁽¹⁾⁽²⁾	December 31, 2014
In millions of dollars	Less than or equal to 80%		> 80% but less than or equal to 100%		Greater than 100%
Residential first mortgages	$	48,163	$	9,480	$	2,670
Home equity loans	14,638		7,267		4,641
Total	$	62,801	$	16,747	$	7,311


(1)	Excludes loans guaranteed by U.S. government entities, loans subject to LTSCs with U.S. government-sponsored entities and loans recorded at fair value.


(2)	Excludes balances where LTV was not available. Such amounts are not material.



LTV distribution in U.S. portfolio⁽¹⁾⁽²⁾	December 31, 2013
In millions of dollars	Less than or equal to 80%		> 80% but less than or equal to 100%		Greater than 100%
Residential first mortgages	$	45,809	$	13,458	$	5,269
Home equity loans	14,216		8,685		6,935
Total	$	60,025	$	22,143	$	12,204


(1)	Excludes loans guaranteed by U.S. government entities, loans subject to LTSCs with U.S. government-sponsored entities and loans recorded at fair value.


(2)	Excludes balances where LTV was not available. Such amounts are not material.