Citi CEO Vikram Pandit has announced preliminary third-quarter results of Citi's foreclosure prevention activities in Missouri that show that distressed mortgage borrowers with loans serviced by Citi were able to successfully avoid potential foreclosures and remain in their homes by a ratio of nearly nine to one.
In the third quarter of 2008, that ratio was approximately 3.4 to one.
Pandit's comments came during prepared remarks to students at Washington University's Olin Business School Monday. Pandit is in St. Louis to meet with employees of the CitiMortgage division, which is headquartered in O'Fallon, Mo., and from which Citi manages the majority of its $751 billion portfolio of owned or serviced loans. Citi has about 5,800 employees in the state.