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Fitch Rates CMSI $470.2MM REMIC P-T Ctfs Series 2005-7.

NEW YORK -- Citicorp Mortgage Securities, Inc.'s (CMSI) REMIC pass-through certificates, series 2005-7 are rated by Fitch as follows:

--$458,460,886 classes IA-1 through IA-8, IIA-1, IIIA-1 and A-PO certificates (senior certificates) 'AAA';

--$7,064,000 class B-1 'AA';

--$2,119,000 class B-2 'A';

--$1,178,000 class B-3 'BBB';

--$941,000 class B-4 'BB';

--$471,000 class B-5 'B'.

The $707,328 class B-6 is not rated by Fitch.

The 'AAA' rating on the senior certificates reflects the 2.65% subordination provided by the 1.50% class B-1, the 0.45% class B-2, the 0.25% class B-3, the 0.20% privately offered class B-4, the 0.10% privately offered class B-5, and the 0.15% privately offered class B-6. 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 $356,092,038, consists of 649 recently originated, 23-30-year fixed-rate mortgage loans secured by one- to four-family residential properties located primarily in California (35.53%) and New York (20.24%). The weighted average current loan to value ratio (CLTV) of the mortgage loans is 67.14%. Condo properties account for 6.76% of the total pool and co-ops account for 4.66%. Cash-out refinance loans and investor properties represent 27.06% and 0.06% of the pool, respectively. The average balance of the mortgage loans in the pool is approximately $548,678. The weighted average coupon of the loans is 5.885% and the weighted average remaining term is 358 months.

Pool II, with an unpaid aggregate principal balance of $62,293,271, consists of 111 recently originated, 12-15-year fixed-rate mortgage loans secured by one- to four-family residential properties located primarily in California (19.57%) and New York (11.66%). The weighted average CLTV of the mortgage loans is 58.54%. Condo properties account for 6.13% of the total pool and co-ops account for 1.97%. Cash-out refinance loans represent 31.8% and there are no investor properties. The average balance of the mortgage loans in the pool is approximately $561,201. The weighted average coupon of the loans is 5.448% and the weighted average remaining term is 178 months.

Pool III, with an unpaid aggregate principal balance of $52,555,905, consists of 95 recently originated, 30-year fixed-rate relocation mortgage loans secured by one- to four-family residential properties located primarily in California (14.21%), Connecticut (10.90%), and New York (9.05%). The weighted average CLTV of the mortgage loans is 73.09%. Condo properties account for 9.75% of the total pool. There are no co-op, cash-out refinance loans or investor properties. The average balance of the mortgage loans in the pool is approximately $553,220. The weighted average coupon of the loans is 5.466% and the weighted average remaining term is 358 months.

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'.

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. U.S. Bank National Association will serve as trustee. For federal income tax purposes, an election will be made to treat the trust fund as one or more real estate mortgage investment conduits.

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.
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Publication:Business Wire
Date:Oct 27, 2005
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