CMSI $349M Pass-Thrus Series 1999-4 Rated By Fitch IBCA.NEW YORK--(BUSINESS WIRE)--June 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- 4 are rated by Fitch IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals as follows: $336.7 million class A is rated 'AAA', $7.4 million class M is rated `AA', $3.0 million class B-1 is rated `A', and $1.6 million class B-2 is rated `BBB'. The 'AAA' rating on the class A senior certificates reflects the subordination of the 2.10% 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, 20- to 30-year fixed-rate mortgage loans secured by one- to four-family residential properties located primarily in California (43.00%) and New York (11.96%). The weighted average original loan-to-value ratio (LTV LTV See: Loan-to-value ratio ) of the mortgage loans is approximately 71.35%. Loans under a limited loan documentation program account for 0.40% of the pool, streamline documentation loans for 11.62%, cash-out refinance loans for 18.26%, condo and townhouse properties for 4.15%, and jumbo loans (balances greater than $300,000) for 64.24%. 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 7.084% 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. 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. election will be made with respect to the trust fund. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion