Citigroup is preparing to securitize of a portfolio of seasoned performing residential mortgages that it acquired from terminated Citigroup Mortgage Securities transactions.
The loans in the pool backing Citigroup Mortgage Loan Trust 2014-A (CMLTI 2014-A), were acquired from transactions that were issued in by Citigroup Mortgage Securities in 2003 and 2004 and have since been terminatd. Are of the loans are performing, according to a presale report published by DBRS. There were approximately 1,164 loans with a total principal balance of $378,846,222 as of the cut-off date.
The pool consists of 100% fixed-rate mortgages of which 1% are fixed step-rate loans. None of the loans have interest only features.
DBRS has assigned preliminary rating of AA’ to $347.4 million of class A notes; an A’ rating to $9.6 million of class B-1 notes; a BBB’ rating to $6.4 million of class B-2 notes; a BB’ ratings to $4.4 million of class B-3 notes; and a B’ rating to $6.4 milllion of class B-4 notes. The deal will also issue B-5 and R classes of unrated notes.
