CMSI $247M Mtg Pass-Thru Ctfs Ser 1999-7 Rated by Fitch IBCA.NEW YORK--(BUSINESS WIRE)--Oct. 28, 1999-- Citicorp Mortgage Securities, Inc.'s (CMSI CMSI Citicorp Mortgage Services, Inc. CMSI Checkout/Control and Monitor Subsystem Interface (NASA) ) mortgage pass-through certificates, series 1999-7 class A ($237.7 million) are rated 'AAA' by Fitch IBCA. Also, class M ($5.9 million) is rated `AA', class B-1 ($2.1 million) `A', and class B-2 ($1.1 million) `BBB'. The 'AAA' rating on class A senior certificates reflects the subordination of the 2.35% class M, the 0.85% class B-1, the 0.45% class B-2 and the 0.85% unoffered class B certificates. Fitch IBCA believes the amount of credit enhancement will be sufficient to cover credit losses, including limited bankruptcy, fraud and special hazard losses. The rating also reflects the high quality of the underlying collateral, the integrity of the legal and financial structures and the servicing capabilities of affiliate Citicorp Mortgage, Inc. (CMI (Computer-Managed Instruction) Using computers to organize and manage an instructional program for students. It helps create test materials, tracks the results and monitors student progress. ). The mortgage pool consists of recently originated, conventional, 30-year fixed-rate mortgage loans secured by one- to four-family residential properties located primarily in California (29.53%) and New York (21.74%). The weighted average original loan-to-value ratio (LTV LTV See: Loan-to-value ratio ) of the mortgage loans is approximately 73.96%. Loans under the employee stated income program account for 1.67% of the pool, streamline documentation loans are 6.11%, condo and townhouse properties are 5.39% and jumbo loans (balances greater than $300,000) are 64.33%. The weighted average coupon Weighted average Coupon The weighted average of the gross interest rates of mortgages underlying a pool as of the pool issue date; the balance of each mortgage is used as the weighting factor. of the loans is 7.53% and the weighted average remaining term is 354 months. The mortgage loans were originated or acquired by CMI and in turn sold to CMSI. A special purpose corporation, CMSI, deposited the loans into the trust, which then issued the certificates. The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. will serve as trustee. For federal income tax purposes, a real estate mortgage investment conduit Real Estate Mortgage Investment Conduit (REMIC) A pass-through tax entity that can hold mortgages secured by any type of real property and can issue multiple classes of ownership interests to investors in the form of pass-through certificates, bonds, or other legal forms. election will be made with respect to the trust fund. |
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