Citigroup launches RMBS
Loans pulled from now-defunct Citigroup Mortgage Securities
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.