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12 Feb 2004
MOODY'S RATES CITIGROUP MORTGAGE LOAN TRUST, SERIES 2004-HYB1, Aaa
Approximately $446.1 Million of Mortgage-Backed Securities Rated
New York, February 12, 2004 -- Moody's Investors Service has assigned a rating of Aaa to the senior certificates
issued in the Citigroup Mortgage Loan Trust ("CMLT"), Series 2004-HYB1
securitization of prime-quality, hybrid adjustable-rate
mortgage loans. Moody's also assigned ratings ranging from Aa2
to B2 to the subordinate certificates in the transaction.
Tamara Zaliznyak, a Moody's analyst, said the credit quality
of the loans underlying the transaction is better than average for adjustable-rate
prime quality mortgage loans. Moody's ratings are based on the
credit support provided through subordination, the integrity of
the cash flows, and the legal structure, as well as Countrywide's
ability as the master servicer of mortgage loans.
The pool of loans backing CMLT Series 2004-HYB1 transaction consists
of 30-year conventional, hybrid adjustable-rate mortgage
loans originated by Countrywide Home Loans Inc. The loans have
fixed mortgage rates for 3, 5, 7 or 10 years after which they
become floating rate based on a specific index. The loans are secured
by first liens on one-to-four family residential properties.
The loans in the pool are divided into four groups. Group 1 is
backed by 10/1 hybrid loans. All loans in this group are interest
only loans and have 10-year interest only period. The pool
has a weighted average credit score of 727 and a weighted average LTV
of 74%. The group benefits from borrower paid mortgage insurance
on substantially all loans above 80%. About 91% of
the loans in the pool are single family homes or PUDs. In addition,
a majority of loans were made against properties, which are occupied
as primary residences (at least 96%). Loans to owner-occupied
properties have lower default rates as owners have more incentive to remain
current on their payments.
Group 2 consists of 3/1 hybrid loans. The weighted average FICO
score of this group is 724 and the weighted average LTV is about 74%.
The pool has a high percentage of purchase loans (about 65%).
Such loans are considered less risky because their appraisals are confirmed
by the market price. On the other hand, the pool has a relatively
high percentage of second homes (about 10%) which are expected
to have higher default rates. The property types are also somewhat
riskier in this group compared to average prime quality pools--condominiums
and two-to-four family homes represent more than 15%
of Group 2.
Group 3 is backed by 5/1 hybrid loans. Compared to the other groups,
this pool has a slightly lower weighted average credit score of 718 and
slightly higher weighted average LTV of 75%. The pool benefits
from mortgage insurance on substantially all loans with LTVs above 80%.
The LTV risk is also offset by a very high percentage of purchase loans
(72%). Other characteristics of this group are comparable
to similar Countrywide originated pools.
Group 4 consists of 7/1 hybrid loans. The pool has a weighted average
FICO score of 728, a weighted average LTV of 73% and 76%
of purchase loans. Single family and PUDs represent about 90%
of the group and owner-occupied homes represent about 92%
of the group.
Approximately 60% of Group I, 53% of Group II and
44% of Group III are interest only loans. These loans require
monthly payments of only accrued interest for the first three, five
or seven years respectively. The risk associated with such loans
is higher since these loans have no scheduled amortization through their
initial interest period. However, as interest only period
approaches its end, these loans might be refinanced to avoid higher
monthly payments to fully amortize the loan.
The Series 2004-HYB1 certificates receive credit support from subordination.
In general, senior certificates with designation "1", "2",
"3" and "4" will be supported by cashflows from Group 1, Group 2,
Group 3 and Group 4 respectively. However, the groups are
also cross-collateralized. The subordinated certificates
will be common for all four groups. The subordinate certificates
will be "locked out" of principal prepayments distributions for five years.
The complete rating actions are as follows:
Issuer: Citigroup Mortgage Loan Trust, Series 2004-HYB1
Depositor: Citigroup Mortgage Loan Trust Inc.
Seller: Countrywide Home Loans
Master Servicer: Countrywide Home Loans Servicing LP
Class A-1 $47,931,000 Rated Aaa
Class IO-1 Interest Only Rated Aaa
Class A-2 $93,506,000 Rated Aaa
Class A-3-1 $118,415,000 Rated Aaa
Class A-3-2 $118,415,000 Rated Aaa
Class IO-3-1 Interest Only Rated Aaa
Class IO-3-2 Interest Only Rated Aaa
Class A-4-1 $46, 244,000 Rated Aaa
Class A-4-2 $ 2,434,000 Rated Aaa
Class R $100 Rated Aaa
Class B-1 $7,361,000 Rated Aa2
Class B-2 $4,907,000 Rated A2
Class B-3 $2,454,000 Rated Baa2
Class B-4 $1,785,000 Rated Ba2
Class B-5 $ 892,000 Rated B2
Countrywide Servicing, L.P. the master servicer of
the loans, is a highly capable servicer of mortgage loans and has
a substantial presence in the prime-quality mortgage sector.
Countrywide's long-term corporate debt obligations are rated A3
by Moody's. Additional research will be available on http://www.moodys.com
Structured Finance Group
Moody's Investors Service
Structured Finance Group
Moody's Investors Service
No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.
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