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1、Mortgages,Mobility and Unlocking the American Dream Moving AmericaDecember 2025Global Perspectives&Solutions 2025 CitigroupCiti Institute Global Perspectives and Solutions2AuthorsPaul Goody Head of Balance Sheet Strategy and In-Business Risk,Treasury,CitiAnuj Gangahar Editor-in-Chief,Citi InstituteC

2、iti ContributorsPaul Monaghan Managing Director,US Residential Loan Product and Portfolio Management,CitiSrinivas Iyer Managing Director,Balance Street Strategy,Treasury,CitiEdward Skyler Head of Enterprise Services and Public Affairs,CitiWith thanks to Andrew Hollenhorst and Ankur Mehta of Citi Res

3、earchQuality,affordable housing is out of reach for many Americans.This isnt a new problem,and it wont have an instant solution.We need partnerships across industries and sectors and creative ideas that address the root causes.The Whole Loan Portfolio Strategy is one way to help ease the burden of m

4、ortgage lock-in.It can free up housing inventory,creating a more robust and affordable housing market and enabling families to move more easily.Edward Skyler,Head of Enterprise Services and Public Affairs,Citi 2025 CitigroupCiti Institute Global Perspectives and Solutions4ContentsSummary and Key Tak

5、eaways 5Mortgage Lock-in 7Impediments to the Wider Pursuit of this Strategy 10Challenge:Different lenders and/or different timing of loan repayment vs the new loan .11Challenge:Accounting timing of earnings recognition .12Challenge:Mortgage securitization breaking the link of the economics to the bo

6、rrower relationship .12A New Way Forward 15Citi Institute Global Perspectives and Solutions 2025 Citigroup5Mortgages,Mobility and Unlocking the American DreamMoving America The American dream of home ownership,long a symbol of stability and upward mobility,has been out of reach for many in recent ye