by Calculated Risk on 3/06/2008 04:10:00 PM

UPDATE: Via Housing Wire: Citi's intent is to let their existing portfolio run off, and the $45 billion is the runoff estimate for the next 12 months.

Citi Press Release: Citi Strengthens U.S. Residential Mortgage Business

Citi today announced it intends to reduce residential mortgage assets in its U.S. mortgage business by approximately $45 billion over the next 12 months, a 20 percent decrease from December 2007 levels, and will cut the amount of new loans to be held in portfolio by more than 50 percent in the next year.