Citi’s TARP Funds Bolster Warehouse Lending Efforts

the second quarter, Citigroup allocated $2 billion in TARP money for warehouse lending facilities, the bank announced in its most recent quarterly TARP progress [link=http://www.citigroup.com/citi/press/2009/090811a.htm][u]report[/u][/link]. The funds, combined with $4 billion being used to provide municipal letters of credit, brings the aggregate value of approved programs supported by capital from TARP to $50.8 billion as of June 30. At the close of the second quarter, Citi has put to work $15.1 billion of that total. The "Lending Facilities for Mortgage Originators" initiative will provide originators with collateralized lines of credit that are backed primarily by residential mortgages that are eligible for sale to government-sponsored mortgage agencies. SOURCE: [link=http://www.citigroup.com]Citigroup

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