Fitch Rates $895MM Citigroup Mortgage Loan Trust Series 2003-1.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 1, 2003 Citigroup Mortgage Loan Trust Inc.'s $876.8 million 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 2003-1, are rated 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. as follows: -- Classes IA1, IR1, XS1, PO1, IIA (1) (Information Industry Association, Washington, DC) In 1999, IIA merged with SPA (Software Publishers Association) to become the Software & Information Industry Association. See SIIA. 1 through IIA8, XS2A, XS2B, PO2, IIIA IIIA Internet Information Infrastructure Architecture IIIA Integrated Intelligence Information Application IIIA International Imaging Industry Association 1 through IIIA9, XS3, PO3, W-A1, W-R1, W-IOA, W-XS1, W-PO1, W-A2, W-IOB, W-XS2, and W-PO2 senior certificates 'AAA'; -- $9 million class B1 and W-B W-B Welch-Berlekamp (equation) 1 certificates 'AA'; -- $4.2 million class B2 and W-B2 certificates 'A'; -- $2.2 million class B3 and W-B3 certificates 'BBB'; -- $1.5 million privately offered class B4 and W-B4 certificates 'BB'; -- $1.2 million privately offered class B5 and W-B5 certificates 'B'; Fitch does not rate the privately offered class B6 or W-B6 certificates. The mortgage loans will be divided into two principal loan groups, designated as loan group S and loan group W. The mortgage loans in loan group S have been further divided into three groups designated as loan groups S-1, S-2 and S-3. The mortgage loans in group W have been further divided into two loan groups designated as loan groups W-1 and W-2. The 'AAA' rating on the senior certificates of group S reflects the 2.55% subordination provided by the 1.15% class B1, 0.55% class B2, 0.30% class B3, 0.20% privately offered class B4, 0.15% privately offered class B5 and 0.20% privately offered class B6 certificates. The 'AAA' rating on the senior certificates of group W reflects the 1.45% subordination provided by the 0.70% class W-B1, 0.30% class W-B2, 0.15% class W-B3, 0.10% privately offered class W-B4, 0.10% privately offered class W-B5 and 0.10% privately offered class W-B6 certificates. Fitch believes the above 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 adequate to support mortgagor mortgagor n. the person who has borrowed money and pledged his/her real property as security for the (mortgagee). (See: mortgage, mortgagee) MORTGAGOR, estate's, contracts. He who makes a mortgage. 2. defaults as well as bankruptcy, fraud and special hazard In aircraft crash rescue and fire-fighting activities: fuels, materials, components, or situations that could increase the risks normally associated with military aircraft accidents and could require special procedures, equipment, or extinguishing agents. losses in limited amounts. In addition, the ratings also reflect the quality of the underlying mortgage collateral, strength of the legal and financial structures, the primary servicing capabilities of Cendant Mortgage Corporation (Cendant), rated 'RPS1-' by Fitch, CitiMortgage Inc., Countrywide Home Loans Servicing LP, and Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Home Mortgage, Inc. (Wells Fargo), rated 'RPS1' by Fitch, Washington Mutual “WaMu” redirects here. For the Washington, DC radio station, see WAMU. Washington Mutual (or WaMu; NYSE: WM) is the United States' largest savings and loan association. Bank, FA, rated 'RPS2+' by Fitch, First Horizon Home Loan Corporation, rated 'RPS2' by Fitch, Bank One, National Association, which is not rated by Fitch, and the master servicing capabilities of Wells Fargo Bank Minnesota, National Association, rated 'RMS1' by Fitch. The trust will contain 2,102 conventional, fixed-rate mortgage loans secured by first liens on one- to four-family residential properties, with an aggregate principal balance of $896,768,517. The loans in loan group S were originated by Sun Trust Mortgage, Inc. The loans in group W were originated by Wells Fargo Home Mortgage, Inc., except for approximately 0.97% of the group W mortgage loans which were acquired directly by Citigroup Global Markets Realty Corp. through the exercise of clean-up calls of prior securitizations of various issuers. The group S mortgage loans will consist of 1,266 newly originated fixed-rate mortgage loans, with an aggregate principal balance of $602,101,105. The average unpaid principal balance of the aggregate pool as of the cut-off cut-off Anesthesiology The point at which elongation of the carbon chain of the 1-alkanol family of anesthetics results in a precipitous drop in the anesthetic potential of these agents–eg, at > 12 carbons in length, there is little anesthetic activity, date is $475,593. The mortgage loans in Group S-1 consists of 96 newly originated fixed-rate mortgage loans with an aggregate principal balance of $45,636,953, as of the cut-off date, Nov. 1, 2003. The mortgage pool has a weighted average loan-to-value ratio Loan-to-value ratio (LTV) The ratio of money borrowed on a property to the property's fair market value. (LTV LTV See: Loan-to-value ratio ) of 60.72%, with a weighted average mortgage rate of 5.168%. Cash-out refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. loans account for 17.3% and second homes 2.93%. The average loan balance is $475,385 and the loans are primarily concentrated in California (30.96%), Texas (10.06%) and Missouri (8.02%). The mortgage loans in Group S-2 consists of 576 newly originated fixed-rate mortgage loans, with an aggregate principal balance of $271,465,641, as of the cut-off date. The mortgage pool has a weighted average LTV of 66.96%, with a weighted average mortgage rate of 5.549%. Cash-out refinance loans account for 16.66% and second homes 1.24%. The average loan balance is $471,295 and the loans are primarily concentrated in California (46.61%), Illinois (11.69%) and Texas (5.07%). The mortgage loans in Group S-3 consists of 594 newly originated fixed-rate mortgage loans, with an aggregate principal balance of $284,998,511, as of the cut-off date. The mortgage pool has a weighted average LTV of 65.34%, with a weighted average mortgage rate of 5.510%. Cash-out refinance loans account for 15.27% and second homes 1.77%. The average loan balance is $479,795 and the loans are primarily concentrated in California (49.39%), Washington (8.04%) and Illinois (5.62%). The group W mortgage loans will consist of 836 seasoned fixed-rate mortgage loans, with an aggregate principal balance of $294,367,413. The average unpaid principal balance of the aggregate pool as of the cut-off date is $352,114. The mortgage loans in Group W-1 consists of 245 seasoned fixed-rate mortgage loans, with an aggregate principal balance of $72,002,294, as of the cut-off date, with a weighted average seasoning of 62 months. The mortgage pool has a weighted average LTV of 47.57%, with a weighted average mortgage rate of 7.284%. Cash-out refinance loans account for 18.81% and second homes 5.53%. The average loan balance is $293,887 and the loans are primarily concentrated in California (15.60%), 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 (10.96%) and Texas (10.65%). The mortgage loans in Group W-2 consists of 591 seasoned fixed-rate mortgage loans, with an aggregate principal balance of $222,365,118, as of the cut-off date with a weighted average seasoning of 62 months. The mortgage pool has a weighted average LTV of 66.65%, with a weighted average mortgage rate of 7.409%. Cash-out refinance loans account for 11.07% and second homes 4.65%. The average loan balance is $376,252 and the loans are primarily concentrated in California (26.63%), New York (10.95%) and New Jersey (7.61%). None of the mortgage loans are 'high cost' loans as defined under any local, state or federal laws. For additional information on Fitch's rating criteria regarding predatory lending legislation, please see the press release issued May 1, 2003 entitled, "Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation," available on the Fitch Ratings web site at www.fitchratings.com. U.S. Bank National Association will serve as trustee. Citigroup Mortgage Loan Trust Inc., a special purpose corporation, deposited the loans in the trust which issued the certificates. For federal income tax purposes, an election will be made to treat the trust as multiple real estate mortgage investment conduits 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. (REMICs). |
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