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Investments

Citigroup launches RMBS

Loans pulled from now-defunct Citigroup Mortgage Securities

Citi
KEYWORDS Bonds / Citigroup / triple-A
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Citigroup (C) is releasing details of its second residential mortgage backed securitization since the housing recovery began.

Citigroup Mortgage Loan Trust 2014-A is backed by 1,164 loans with a principal balance of nearly $379 million.

The loans are from the now-defunct Citigroup Mortgage Securities and originated in 2003 and 2004.

None of the homeonwners missed a payment for more than three months.

A very small percentage is modified mortgages.

In its presale, DBRS rates two highest tranches double AA on 8.3% credit enhancement. Similar ratings were also assigned from Standard & Poor's.

Single-A, triple-B, double-B and single B also awarded. Its first RMBS, back in 2010, was able to get triple-A.

Third-party due diligence, including pay history and servicing comment review, was conducted on 100% of the portfolio.

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