CMSI $320.2MM REMIC P-T Ctfs Series 2002-8 Rated By Fitch Ratings.Business Editors NEW YORK--(BUSINESS WIRE)--July 31, 2002 Citicorp Mortgage Securities, Inc.'s (CMSI CMSI Citicorp Mortgage Services, Inc. CMSI Checkout/Control and Monitor Subsystem Interface (NASA) ) mortgage pass-through certificates Pass-Through Certificates (PTCs) are instruments that evidence the ownership of two or more Equipment Trust Certificates. In other words, Equipment Trust Certificates may be bundled into a pass-through structure as a means of diversifying the asset pool and/or increasing the size , series 2002-8 class A ($314.1 million) are rated 'AAA' by Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. . In addition, Fitch rates the class B-1 ($3.7 million) 'AA', class B-2 ($1.6 million) 'A' and class B-3 ($0.8 million) 'BBB'. The 'AAA' rating on class A senior certificates reflects the 2.40% subordination of the 1.15% class B-1, the 0.50% class B-2, the 0.25% class B-3 and the 0.50% unoffered class B certificates. Fitch believes the amount of credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing will be sufficient to cover credit losses, including limited bankruptcy, fraud and special hazard losses. In addition, the ratings reflect the quality of the mortgage collateral, strength of the legal and financial structures, and CitiMortgage, Inc.'s servicing capabilities (rated 'RPS1-' by Fitch) as primary servicer. The mortgage loans have been divided into three pools of mortgage loans. Pool I, with an unpaid aggregate principal balance of $130,313,594.13, consists of recently originated, 20-30 year fixed-rate mortgage loans secured by one- to four-family residential properties located primarily in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (34.86%) and California (19.79%). The weighted average original loan to value ratio (OLTV OLTV Original Loan-to-Value ratio OLTV on Line Television ) of the mortgage loans is approximately 67%. Condo properties account for 6.73% of the total pool and co-ops are 12.15%. 12.15% of the loans are cash-out refinances. The average balance of the mortgage loans is approximately $437,293.94. 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 7.095% and the weighted average remaining term is 356 months. Pool II, with an unpaid aggregate principal balance of $91,272,494.30, consists of recently originated, 15 year fixed-rate mortgage loans secured by one- to four-family residential properties located primarily in New York (29.52%) and California (23.93%). The weighted average OLTV of the mortgage loans is approximately 57.04%. Condo properties account for 7.43% of the total pool and co-ops are 6.86%. 21.92% of the loans are cash-out refinances. The average balance of the mortgage loans is approximately $490,712.33. The weighted average coupon of the loans is 6.631% and the weighted average remaining term is 176 months. Pool III, with an unpaid aggregate principal balance of $100,235,078.39, consists of recently originated, 20-30 year fixed-rate mortgage loans secured by one- to four-family residential properties located primarily in New York (30.45%) and California (31.30%). The weighted average OLTV of the mortgage loans is approximately 66.62%. Condo properties account for 4.39% of the total pool and co-ops are 8.19%. 14.39% of the loans are cash-out refinances. The average balance of the mortgage loans is approximately $464,051.29. The weighted average coupon of the loans is 6.977% and the weighted average remaining term is 357 months. The mortgage loans were originated or acquired by 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. and in turn sold to CMSI. A special purpose corporation, CMSI, deposited the loans into the trust, which then issued the certificates. State Street Bank and Trust Co. 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. (REMIC) election will be made with respect to the trust fund. |
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