The latest securitization of reperforming residential mortgages offers investors less protection against future losses than the previous deal, and has earned correspondingly lower safety scores from Fitch Ratings

Citigroup Mortgage Loan Trust 2015-A pools $297 million of reperforming fixed and hybrid adjustable-rate mortgages (ARMs), according to Fitch’s presale report. The loans were once delinquent, but have all been current for the past two years. Approximately 49% have received one or more modifications since origination. 

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