Citigroup Inc., has approved $36.5 billion in loans and other commitments backed by the Troubled Asset Relief Program (TARP) in the fourth quarter of 2008, according to a report today by CNNMoney.com. It had received $45 billion in TARP bailout funding in recent months.

The bulk of the TARP funds - $27.5 billion to be exact - was earmarked towards the housing market. Citigroup said it spent $10 billion on mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac, a move aimed at loosening up frozen credit markets, according to the bank.

Only $8.2 billion was earmarked for making actual mortgage loans to families and individuals with good credit histories.

Citigroup did not indicate how it spent the remaining $8.5 billion of the $45 billion in government funds.

"Our responsibility is to put TARP capital to work quickly, prudently, and transparently to support U.S. consumers, businesses and our communities during these challenging times," Citigroup CEO Vikram Pandit said in a statement.

Lawmakers and taxpayers have accused banks of using much of the TARP money to fund acquisitions, pay lavish bonuses or other seemingly frivolous expenses.

Fearing further backlash, Citigroup was forced to rethink its planned purchase of a $42 million corporate jet last month following Congressional scrutiny.

The bank is also said to be now considering nixing its corporate sponsorship deal with the New York Mets that involves the naming rights for the team's new stadium, according to a report in the Wall Street Journal today.

Citigroup told CNN in a statement though that it has a "legally binding agreement" with the Mets, and that it is "using no TARP capital for Citi Field, or for marketing purposes."

A front page article by David Enrich, Matthew Futterman and Damian Paletta in today's edition of The Wall Street Journal, however, maintained that "Citigroup Inc., eager to quell the controversy over how lenders are using government bail-out money, is exploring the possibility of backing out of a nearly $400 million marketing deal with the New York Mets, say people familiar with the matter."

The article said its sources indicated that "officials at Citigroup have made no final decision about whether to try to void the 20-year agreement, which includes naming the Mets' new baseball stadium after the bank," adding that "as it revisits the pact, Citigroup is essentially acknowledging that the volatile political climate could make it untenable for the bank to proceed with the deal."

In addition to getting $45 billion in TARP funds last fall, the article continued, "the government also agreed to shoulder most losses on a $301 billion pool of Citigroup's loans and other assets....The Mets deal was attacked last week as an example of misplaced spending by financial institutions that needed bailout funds" and "Reps. Dennis Kucinich (D., Ohio) and Ted Poe (R., Texas) wrote to Treasury Secretary Timothy Geither on Wednesday, asking him to push Citigroup to dissolve the Mets deal."

The Wall Street Journal also article also noted that "In a survey of banks released Monday, the Federal Reserve said about two-thirds of banks' loan officers reported that they tightened terms for business loans over the past three months."