CitiMortgage Announces Commitment to Provide $200 Billion in Affordable Housing Through the End of the Decade.

Business Editors

NEW YORK--(BUSINESS WIRE)--Sept. 22, 2003

CitiMortgage, the residential mortgage lending business of Citigroup, today announced a $200 billion commitment to provide affordable housing to low- and moderate-income, minority, and underserved families around the country through the end of the decade.

Mortgages made under this commitment are part of Citi's Opportunities Within Neighborhoods(SM) program, which aims to increase homeownership substantially.

"We believe this commitment will help as many as two million additional families participate in the American Dream of homeownership," said Marge Magner, Chairman and CEO of Citigroup's Global Consumer Group. "As the world's largest financial institution, we have the opportunity to help individuals build better lives for themselves, for their families and for the next generation, and owning a home is one of the best steps towards making that happen."

"Homeownership is a way that Americans build wealth. One of the many things CitiMortgage can do through Citi's Opportunities Within Neighborhoods program is further realize its commitment to provide affordable mortgages to qualified homebuyers, thus making the dream of homeownership a reality," said CitiMortgage's Chairman and CEO, Carl Levinson.

Citi's Opportunities Within Neighborhoods program encompasses all of the necessary information, resources, products and services the business offers potential homebuyers in their effort to achieve the dream of homeownership. Opportunities Within Neighborhoods includes everything from first-time homebuyer seminars and information to a wide array of home financing products and services, which are part of its efforts to expand homeownership in communities across the country.

To achieve this goal, CitiMortgage will work with its existing partners and build new relationships with organizations that serve communities throughout the country. These partnerships are an important tool for developing innovative ways to provide home mortgage lending and other services to low- and moderate- income, minority, and underserved markets.

"As a founding member of the New York Mortgage Coalition, Citi is a dedicated partner in the efforts to expand homeownership opportunities for first-time homebuyers. We look forward to continuing to work with CitiMortgage and Citibank to fulfill this considerable commitment," said Caroline Samuels, Director of the New York Mortgage Coalition.

Affordable homeownership lending initiatives will be offered nationally through all CitiMortgage affiliates and their business partners. Unique mortgage products and programs to be offered under this initiative include:

-- Closing Cost Assistance Program (CCA) enables borrowers to

become homeowners sooner by reducing closing costs for buyers

in certain areas.

-- Up to a $3,000 credit in most areas of the country

-- Reduce or eliminate upfront closing costs

-- Combine with other community lending programs that reduce

down payment

-- Choose either a Fixed or Adjustable Rate mortgage 

-- CitiAffordable Mortgage Program and CitiAffordable Purchase

Assistance Program (CAMP/CPAP) offer low down payment options

and flexible qualifying criteria. These marquee CitiMortgage

products take into consideration the fact that lower-wealth

borrowers experience significant challenges in accumulating

funds for down payment and closing costs.

CitiMortgage will also work closely with one of its partners, Fannie Mae, to make available the following affordable products across our marketplaces:

-- MyCommunityMortgage(TM)* is a Fannie Mae Community Lending

program designed to meet the needs of low-to-moderate income

borrowers. My Community Mortgage provides financing up to a

loan-to-value of 100%.

-- Expanded Approval/Timely Payment Rewards(SM)* (EA/TPR) allows

borrowers with past credit difficulties to obtain a mortgage

rate up to two percent lower than credit-impaired borrowers

typically pay. Borrowers may also be eligible for an option

that automatically reduces the mortgage note rate after 24

months of timely payments.

CitiMortgage will also work with the Department of Housing and Urban Development and the Veterans Administration to increase the availability of Federally insured first-time homebuyer products through the FHA and VA programs. CitiMortgage will continue to work with various state and local governments to offer programs designed to increase homeownership in all the communities that it serves.

"This commitment is not just about programs," continued Levinson. "It is about bringing the dream of homeownership to millions of Americans."

CitiMortgage, Inc. specializes in nationwide residential lending through retail, wholesale, and correspondent loan origination channels. CitiMortgage is an Equal Housing Lender.

For more information on the Opportunities Within Neighborhoods program, individuals can contact CitiMortgage at 1-800-MORTGAGE, visit any Citibank branch or utilize CitiMortgage's website (www.citimortgage.com).

Citigroup, the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com.

EA/TPR and MyCommunityMortgage are service marks of Fannie Mae. Unauthorized use of these marks is prohibited.