Citigroup Loses $9.8 Billion in Quarter, $18.1 In Sub Prime Losses to Blame.

Citigroup today announced that it lost a stunning $9.8 Billion in the quarter and that subprime losses are now expected to top $18.1 billion.

On page 11 of a PDF presentation used in their conference call today HERE, Citigroup says

• Their 90 day default rate on 1st mortgages for borrowers with FICO credit scores less than 620, was 7.83% and
• That 9% of their first mortgages have a Loan to Value Ratio greater than 80% and FICO credit scores below 620.