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CITICORP MORTGAGE SECURITIES SERIES 1992-6 CLASS A RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

CITICORP MORTGAGE SECURITIES SERIES 1992-6 CLASS A RATED 'AAA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, March 25 /PRNewswire/ -- Citicorp Mortgage Securities, Inc.'s (CMSI) $143 million REMIC pass-through Series 1992-6 Senior Class A CitiCertificates are rated 'AAA' by Fitch. The rating reflects the high quality of the mortgage collateral, the credit enhancement provided by the reserve fund and subordination of the Class B CitiCertificates, the integrity of the legal and financial structure, and the strong servicing capabilities of the master servicer.
 The mortgage pool consists of five- and 10-year fixed-rate (approximately 65 percent and 35 percent respectively) one- to four- family balloon loans with 30-year amortization schedules. Because of the potential payment shock to borrowers at maturity, Fitch assumed a higher default rate to determine an adequate level of credit enhancement. The low weighted average loan-to-value ratio (LTV) of approximately 74 percent, combined with at least 96 percent of the loans being secured by owner-occupied properties, mitigates the potential for losses and defaults on these types of loans. Approximately 77 percent of the pool consists of single-family detached properties, 18 percent are condominiums or townhouses, and 5 percent are two- to four-family units. Approximately 99 percent of the mortgage loans are located in California, which should further offset the risk of loss due to the state's economic strength and diversity.
 The level of credit enhancement for the Senior Class A CitiCertificates, equal to 17.25 percent of the mortgage pool, will be sufficient to cover losses and supports the 'AAA' rating. Losses will be covered by funds deposited in a reserve fund as well as subordination of Class B. An initial deposit will be made to the reserve fund equal to .75 percent of the initial principal balance and the reserve will be funded with monthly interest from the mortgages in excess of the pass- through rate and ongoing servicing fees as well as reinvestment income.
 The mortgage loans were originated or acquired by Citicorp Mortgage Inc. (CMI) or originated by Citicorp Federal Saving Bank. All of the loans were sold to CMSI, which conveyed the loans to the trust. CMI will act as servicer for the pool. Fitch believes that CMI will provide a competent level of servicing and administration. For federal income tax purposes, a REMIC election will be made with respect to the trust fund.
 -0- 3/25/92
 /CONTACT: Alexander K. Zabik or Michele J. Loesch, 212-908-0500, both of Fitch/ CO: Citicorp Mortgage Securities, Inc. ST: IN: FIN SU: RTG SM -- NY069 -- 1685 03/25/92 16:58 EST
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Publication:PR Newswire
Date:Mar 25, 1992
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