Fitch Rates Citigroup Mortgage Loan Trust $943MM 2006-AR7.

NEW YORK -- Citigroup Mortgage Loan Trust Inc.'s mortgage pass-through certificates, series 2006-AR7, are rated by Fitch Ratings as follows:

Group I:

--$427.5 million classes 1-A1, 1-A2A, 1-A2B, 1-2IO, 1-A3A, 1-A3B, 1-3IO, 1-A4A, 1-A4B, 1-4IO and 1-R senior notes 'AAA';

--$8.9 million class 1-B1 'AA';

--$2.9 million class 1-B2 'A';

--$2.2 million class 1-B3 'BBB';

--$1.3 million non-offered class 1-B4 'BB';

--$1.1 million non-offered class 1-B5 'B'.

Group II :

--$471.5 million classes 2-A1A, 2-A1B, 2-1IO, 2-A2A, 2-A2B, 2-2IO, 2-A3A, 2-A3B, 2-3IO, 2-A4A, 2-A4B, 2-4IO and 2-R senior notes 'AAA';

--$11 million class 2-B1 'AA';

--$6 million class 2-B2 'A';

--$3.8 million class 2-B3 'BBB';

--$4.5 million non-offered class 2-B4 'BB';

--$2.3 million non-offered class 2-B5 'B'.

Fitch does not rate the $1.1 million non-offered class 1-B6 nor the $2 million non-offered class 2-B6 certificates.

The 'AAA' ratings on the Group I senior notes reflect the 3.95% subordination provided by the 2% class 1-B1, 0.65% class 1-B2, 0.50% class 1-B3, 0.30% non-offered class 1-B4, 0.25% non-offered class 1-B5 and 0.25% non-offered class 1-B6 (not rated by Fitch).

The 'AAA' ratings on the Group II senior notes reflect the 5.90% subordination provided by the 2.20% class 2-B1, 1.20% class 2-B2, 0.75% class 2-B3, 0.90% non-offered class 2-B4, 0.45% non-offered class 2-B5, 0.40% non-offered class 2-B6 (not rated by Fitch).

Fitch believes the amount of credit enhancement available will be sufficient to cover credit losses. The ratings also reflect the high quality of the underlying collateral, the integrity of the legal and financial structures, primary servicing capabilities of Countrywide Home Loans Servicing LP (rated 'RPS1' by Fitch); Fifth Third Bank; HomeBanc Mortgage Corporation; CitiMortgage, Inc. (rated 'RPS1'); Wells Fargo Bank, N.A. ('RPS1') and the master servicing capabilities of CitiMortgage, Inc.('RMS1').

The transaction is secured by two groups of mortgage loans, which consist of approximately 2,151 conventional, one- to four-family, adjustable-rate mortgage loans secured by first liens on residential real properties. The mortgage loans have and aggregate principal balance of approximately $946,083,757 as of the cut-off date (Oct. 1, 2006). The two groups of mortgage loans are not cross-collateralized.

The Group I mortgage loans have a final aggregate principal balance of approximately $445,041,336 as of Oct. 1, 2006, an average balance of $616,401, a weighted average remaining term to maturity (WAM) of 355 months, a weighted average original loan-to-value ratio (OLTV) of 71.87% and a weighted average coupon (WAC) of 6.298%. The weighted average FICO credit score of the loans is 742. Owner occupied properties and second homes comprise 87.68% and 11.63% of the loans, respectively. The states that represent the largest geographic concentration are California (41.41%), Florida (13.55%), Michigan (5.25%) and Ohio (5.07%). All other states represent less than 5% of the outstanding balance of the pool.

The Group II mortgage loans have a final aggregate principal balance of approximately $501,042,421 as of Oct. 1, 2006, an average balance of $350,625, a WAM of 357 months, a weighted average OLTV of 77.47% and a WAC of 6.836%. The weighted average FICO credit score of the loans is 728. Owner occupied properties and second homes comprise 81.83% and 9.65% of the loans, respectively. The states that represent the largest geographic concentration are Florida (26.27%), California (24.10%) and Georgia (13.45%). All other states represent less than 5% of the outstanding balance of the pool.

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.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.