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Fitch Rates Citicorp Residential Mortgage Trust $601.6MM 2007-1

Fri, 03/30/2007 - 14:40 — keith

NEW YORK--(BUSINESS WIRE)--Citicorp Residential Mortgage Trust's $681 million REMIC pass-through certificates, series 2007-1, are rated by Fitch Ratings as follows:

--$597,756,000 classes A-1a, A-1b and A-2 through A-6 'AAA'.

The M-1 through M-9 certificates are not rated by Fitch.

The 'AAA' rating on the senior certificates reflects the 14.75% total credit enhancement provided by the 2.50% class M-1, 2.75% class M-2, 1% class M-3, 0.90% class M-4, 1.20% class M-5, 0.60% class M-6, 0.80% class M-7, 0.60% class M-8, 0.90% class M-9 and initial and target overcollateralization (OC) of 3.50%. All certificates have the benefit of monthly excess cash flow to absorb losses. In addition, the ratings reflect the quality of the loans, the integrity of the transaction's legal structure, as well as the capabilities of CitiMortgage, Inc. as servicer and U.S. Bank National Association, as trustee.

The mortgage pool consists of first lien, fixed-rate, daily simple interest mortgage loans with a cut-off date pool balance of $705,717,642. The weighted average loan rate is approximately 8.475%. The weighted average remaining term to maturity (WAM) is 330 months. The average principal balance of the loans is approximately $157,456. The weighted average original loan-to-value (OLTV) ratio is 79.39%. The properties are primarily located in California (16.3%), Florida (8.2%) and New York (4.4%).

The mortgage loans were originated or acquired by Citicorp Trust Bank (CTB) and/or its affiliate CitiMortgage, Inc. (CMI) and in turn sold to Citicorp Residential Mortgage Securities, Inc. (CRMSI). A special purpose corporation, CRMSI, deposited the loans into the trust, which then issued the certificates. For federal income tax purposes, an election will be made to treat the trust fund as multiple real estate mortgage investment conduits (REMICs).

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.
Contacts

Fitch Ratings, New York
Laura Pokojni, 212-908-0228
Media Relations:
Sandro Scenga, 212-908-0278

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Keith Gregory is the administrator for American Mortgage News. At this stage, most content posted here is in the form of a press release. As such, there is no implied warrently over the contents of an article, or any statement or endorsement of any kind whatsoever.