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Rating Action:

Moody's takes action on $6.2 billion of Alt-A RMBS issued by Citigroup Mortgage Loan Trust in 2005, 2006 and 2007

19 Nov 2010

New York, November 19, 2010 -- Moody's Investors Service has upgraded the ratings of 3 tranches, downgraded the ratings of 133 tranches and confirmed the ratings on 11 tranches from 19 RMBS transactions, backed by Alt-A loans, issued by Citigroup Mortgage Loan Trust in 2005, 2006 and 2007.

RATINGS RATIONALE

The collateral backing these transactions consists primarily of first-lien, fixed-rate, Alt-A residential mortgage loans. The actions are a result of the rapidly deteriorating performance of Alt-A pools in conjunction with macroeconomic conditions that remain under duress. The actions reflect Moody's updated loss expectations on Alt-A pools issued from 2005 to 2007.

The principal methodology used in these ratings was "Alt-A RMBS Loss Projection Update: February 2010" published in February 2010.

To assess the rating implications of the updated loss levels on Alt-A RMBS, each individual pool was run through a variety of scenarios in the Structured Finance Workstation® (SFW), the cash flow model developed by Moody's Wall Street Analytics. This individual pool level analysis incorporates performance variances across the different pools and the structural features of the transaction including priorities of payment distribution among the different tranches, average life of the tranches, current balances of the tranches and future cash flows under expected and stressed scenarios. The scenarios include ninety-six different combinations comprising of six loss levels, four loss timing curves and four prepayment curves. The volatility in losses experienced by a tranche due to small increments in losses on the underlying mortgage pool is taken into consideration when assigning ratings.

The above mentioned approach "Alt-A RMBS Loss Projection Update: February 2010" is adjusted slightly when estimating losses on pools left with a small number of loans. To project losses on pools with fewer than 100 loans, Moody's first estimates a "baseline" average rate of new delinquencies for the pool that is dependent on the vintage of loan origination (10%, 19% and 21% for the 2005, 2006 and 2007 vintage respectively). This baseline rate is higher than the average rate of new delinquencies for the vintage to account for the volatile nature of small pools. Even if a few loans in a small pool become delinquent, there could be a large increase in the overall pool delinquency level due to the concentration risk. Once the baseline rate is set, further adjustments are made based on 1) the number of loans remaining in the pool and 2) the level of current delinquencies in the pool. The fewer the number of loans remaining in the pool, the higher the volatility and hence the stress applied. Once the loan count in a pool falls below 75, the rate of delinquency is increased by 1% for every loan less than 75. For example, for a pool with 74 loans from the 2005 vintage, the adjusted rate of new delinquency would be 10.10%. If current delinquency levels in a small pool is low, future delinquencies are expected to reflect this trend. To account for that, the rate calculated above is multiplied by a factor ranging from 0.2 to 2.0 for current delinquencies ranging from less than 2.5% to greater than 50% respectively. Delinquencies for subsequent years and ultimate expected losses are projected using the approach described in the methodology publication.

In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck

The primary source of assumption uncertainty is the current macroeconomic environment, in which unemployment remains at high levels, and weakness persists in the housing market. Moody's notes an increasing potential for a double-dip recession, which could cause a further 20% decline in home prices (versus its baseline assumption of roughly 5% further decline). Overall, Moody's assumes a further 5% decline in home prices with stabilization in early 2011, accompanied by continued stress in national employment levels through that timeframe.

Moody's Investors Service received and took into account one or more third party due diligence reports on the underlying assets or financial instruments in this transaction and the due diligence reports had a neutral impact on the rating.

Complete rating actions are as follows:

Issuer: Citigroup Mortgage Loan Trust 2006-4

Cl. 1-A1, Confirmed at B3 (sf); previously on Jan 14, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 1-XS, Confirmed at B3 (sf); previously on Jan 14, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 1-PO, Confirmed at B3 (sf); previously on Jan 14, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A1A, Downgraded to Caa2 (sf); previously on Jan 14, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A1B, Downgraded to C (sf); previously on Jan 14, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Cl. 2-A2, Downgraded to C (sf); previously on Jan 14, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A3, Confirmed at Caa1 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 2-XS, Confirmed at Caa1 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 2-PO, Downgraded to Caa2 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Issuer: Citigroup Mortgage Loan Trust 2006-AR3

Cl. 1-A1A, Downgraded to Caa3 (sf); previously on Jan 14, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 1-A1B, Downgraded to C (sf); previously on Jan 14, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Cl. 1-A2A, Downgraded to Caa2 (sf); previously on Jan 14, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. 1-A2B, Downgraded to C (sf); previously on Jan 14, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A1A, Downgraded to Ca (sf); previously on Jan 14, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A2A, Downgraded to Ca (sf); previously on Jan 14, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A12B, Downgraded to C (sf); previously on Jan 14, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Cl. 2-A3A, Downgraded to Ca (sf); previously on Jan 14, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A34B, Downgraded to C (sf); previously on Jan 14, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Cl. 2-A4A, Downgraded to Ca (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 2-1AX, Downgraded to Ca (sf); previously on Jan 14, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Cl. 2-2AX, Downgraded to Ca (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Issuer: Citigroup Mortgage Loan Trust 2006-AR6

Cl. 1-A1, Downgraded to Caa2 (sf); previously on Jan 14, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Cl. 1-A2, Downgraded to C (sf); previously on Jan 14, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A1, Downgraded to Caa1 (sf); previously on Jan 14, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A2, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A3, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 2-A4, Downgraded to C (sf); previously on Jan 14, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Issuer: Citigroup Mortgage Loan Trust 2006-AR9

Cl. 1-A1, Upgraded to Aaa (sf); previously on Jan 14, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. 1-A2, Downgraded to Caa1 (sf); previously on Jan 14, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Cl. 1-A3, Downgraded to Caa2 (sf); previously on Jan 14, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Cl. 1-A4, Downgraded to C (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Issuer: Citigroup Mortgage Loan Trust 2006-FX1

Cl. A-2, Confirmed at A1 (sf); previously on Jan 14, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. A-3, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-5, Confirmed at Caa3 (sf); previously on Jan 14, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Cl. A-6, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-7, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Issuer: Citigroup Mortgage Loan Trust 2007-AR1

Cl. A1, Upgraded to Baa3 (sf); previously on Jan 14, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. A2, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. A3, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. A4, Downgraded to C (sf); previously on Jan 14, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Issuer: Citigroup Mortgage Loan Trust 2007-AR7

Cl. A1A, Downgraded to Ca (sf); previously on Jan 14, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Cl. A134B, Downgraded to C (sf); previously on Jan 14, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Cl. A2A, Downgraded to Ca (sf); previously on Jan 14, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Cl. A2B, Downgraded to C (sf); previously on Jan 14, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Cl. A3A, Downgraded to Ca (sf); previously on Jan 14, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Cl. A4A, Downgraded to Ca (sf); previously on Jan 14, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Cl. A5A, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. A5B, Downgraded to C (sf); previously on Jan 14, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Cl. 3IO, Downgraded to Ca (sf); previously on Jan 14, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Cl. 4IO, Downgraded to Ca (sf); previously on Jan 14, 2010 Caa3 (sf) Placed Under Review for Possible Downgrade

Issuer: Citigroup Mortgage Loan Trust 2007-OPX1

Cl. A-1A, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. A-1B, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. A-2, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-3A, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-3B, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-4A, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-4B, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-5A, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-5B, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: Citigroup Mortgage Loan Trust Inc. 2005-7

Cl. 1-A1, Downgraded to Ca (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 1-A2, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 1-A3, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 1-A4, Downgraded to Caa3 (sf); previously on Jan 14, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Cl. 1-AIO1, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. 1-AIO2, Downgraded to Caa3 (sf); previously on Jan 14, 2010 B1 (sf) Placed Under Review for Possible Downgrade

Issuer: Citigroup Mortgage Loan Trust Inc. 2006-WF1

Cl. A-1, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-2C, Downgraded to Caa2 (sf); previously on Jan 14, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. A-2D, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-2E, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-2F, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Issuer: Citigroup Mortgage Loan Trust Inc. 2006-WF2

Cl. A-1, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-2C, Downgraded to Caa3 (sf); previously on Jan 14, 2010 B2 (sf) Placed Under Review for Possible Downgrade

Cl. A-2D, Downgraded to Ca (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-2E, Downgraded to Ca (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. A-2F, Downgraded to Ca (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Issuer: Citigroup Mortgage Loan Trust Series 2005-10

Cl. I-A1A, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. I-A12B, Downgraded to C (sf); previously on Jan 14, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Cl. I-A2A, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. I-A3A, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. I-A34B, Downgraded to C (sf); previously on Jan 14, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Cl. I-A4A, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. I-A5B, Downgraded to C (sf); previously on Jan 14, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Cl. I-A5A, Downgraded to Caa2 (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Issuer: Citigroup Mortgage Loan Trust Series 2005-8

Cl. II-A1, Downgraded to Caa3 (sf); previously on Jan 14, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. II-A2, Downgraded to Caa3 (sf); previously on Jan 14, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. II-A3, Downgraded to Ca (sf); previously on Jan 14, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. II-A4A, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. II-A4B, Downgraded to C (sf); previously on Jan 14, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. II-A5, Downgraded to Caa1 (sf); previously on Jan 14, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. II-XS, Downgraded to Caa1 (sf); previously on Jan 14, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. II-PO, Downgraded to Caa3 (sf); previously on Jan 14, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. III-XS, Downgraded to B1 (sf); previously on Jan 14, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. III-A1, Downgraded to B1 (sf); previously on Jan 14, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. III-PO, Downgraded to B1 (sf); previously on Jan 14, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. III-B1, Downgraded to C (sf); previously on Jan 14, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. III-B2, Downgraded to C (sf); previously on Jan 14, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. III-B3, Downgraded to C (sf); previously on Jan 14, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: Citigroup Mortgage Loan Trust, Series 2005-1

Cl. III-A1, Confirmed at Baa2 (sf); previously on Jan 14, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. III-A2, Confirmed at Baa2 (sf); previously on Jan 14, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. III-PO, Confirmed at Baa2 (sf); previously on Jan 14, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. III-XS, Confirmed at Baa2 (sf); previously on Jan 14, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. III-B1, Downgraded to B2 (sf); previously on Jan 14, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

Issuer: Citigroup Mortgage Loan Trust, Series 2005-2

Cl. I-A1, Downgraded to Caa1 (sf); previously on Jan 14, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. I-A2A, Downgraded to B2 (sf); previously on Jan 14, 2010 A1 (sf) Placed Under Review for Possible Downgrade

Cl. I-A2B, Downgraded to Ca (sf); previously on Jan 14, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. I-A3, Downgraded to Caa1 (sf); previously on Jan 14, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. I-A3A, Downgraded to B3 (sf); previously on Jan 14, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. I-A3B, Downgraded to Ca (sf); previously on Jan 14, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. I-A4, Downgraded to B3 (sf); previously on Jan 14, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. I-A5A, Downgraded to B3 (sf); previously on Jan 14, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. I-A5B, Downgraded to Ca (sf); previously on Jan 14, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. II-A1-1, Downgraded to Baa2 (sf); previously on Jan 14, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. II-A1-2, Downgraded to Baa2 (sf); previously on Jan 14, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. II-A2, Downgraded to Baa1 (sf); previously on Jan 14, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. II-XS1, Downgraded to Baa2 (sf); previously on Jan 14, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. II-XS2, Downgraded to Baa1 (sf); previously on Jan 14, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. II-PO1, Downgraded to Baa3 (sf); previously on Jan 14, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. II-PO2, Downgraded to Baa2 (sf); previously on Jan 14, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. II-B1, Downgraded to B2 (sf); previously on Jan 14, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. II-B2, Downgraded to Ca (sf); previously on Jan 14, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. II-B3, Downgraded to C (sf); previously on Jan 14, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Issuer: Citigroup Mortgage Loan Trust, Series 2005-3

Cl. I-A1, Downgraded to Caa1 (sf); previously on Jan 14, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. I-A2, Downgraded to Ca (sf); previously on Jan 14, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. I-B1, Downgraded to C (sf); previously on Jan 14, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. I-B2, Downgraded to C (sf); previously on Jan 14, 2010 B3 (sf) Placed Under Review for Possible Downgrade

Cl. I-B3, Downgraded to C (sf); previously on Jan 14, 2010 Ca (sf) Placed Under Review for Possible Downgrade

Cl. II-A1, Downgraded to Caa2 (sf); previously on Jan 14, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. II-A2, Downgraded to Caa2 (sf); previously on Jan 14, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. II-A2A, Downgraded to B2 (sf); previously on Jan 14, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. II-A2B, Downgraded to Ca (sf); previously on Jan 14, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. II-A3, Downgraded to Caa2 (sf); previously on Jan 14, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. II-A4, Downgraded to Caa2 (sf); previously on Jan 14, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. II-A4A-1, Downgraded to Caa1 (sf); previously on Jan 14, 2010 Baa3 (sf) Placed Under Review for Possible Downgrade

Cl. II-A4A-2, Downgraded to Caa1 (sf); previously on Jan 14, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. II-A4B-1, Downgraded to C (sf); previously on Jan 14, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Cl. II-A4B-2, Downgraded to C (sf); previously on Jan 14, 2010 Ba2 (sf) Placed Under Review for Possible Downgrade

Issuer: Citigroup Mortgage Loan Trust, Series 2005-4

Cl. A, Downgraded to B3 (sf); previously on Jan 14, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Issuer: Citigroup Mortgage Loan Trust, Series 2005-WF1

Cl. A-3, Upgraded to Aaa (sf); previously on Jan 14, 2010 Aa2 (sf) Placed Under Review for Possible Downgrade

Cl. A-4, Downgraded to B1 (sf); previously on Jan 14, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. A-5, Downgraded to Ba1 (sf); previously on Jan 14, 2010 Aa3 (sf) Placed Under Review for Possible Downgrade

Cl. M-1, Downgraded to C (sf); previously on Jan 14, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. M-2, Downgraded to C (sf); previously on Jan 14, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. M-3, Downgraded to C (sf); previously on Jan 14, 2010 Caa2 (sf) Placed Under Review for Possible Downgrade

Issuer: Citigroup Mortgage Loan Trust, Series 2005-WF2

Cl. AV-3, Downgraded to Aa3 (sf); previously on Jan 14, 2010 Aaa (sf) Placed Under Review for Possible Downgrade

Cl. AF-4, Downgraded to B1 (sf); previously on Jan 14, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. AF-5, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. AF-6A, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. AF-6B, Downgraded to Caa3 (sf); previously on Jan 14, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Underlying Rating: Downgraded to Caa3 (sf); previously on Jan 21, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Financial Guarantor: Financial Guaranty Insurance Company (Insured Rating Withdrawn Mar 25, 2009)

Cl. AF-7, Downgraded to Caa2 (sf); previously on Jan 14, 2010 Baa2 (sf) Placed Under Review for Possible Downgrade

Cl. MF-1, Downgraded to C (sf); previously on Jan 14, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. MF-2, Downgraded to C (sf); previously on Jan 14, 2010 Caa1 (sf) Placed Under Review for Possible Downgrade

Cl. MV-1, Downgraded to B2 (sf); previously on Jan 14, 2010 Aa1 (sf) Placed Under Review for Possible Downgrade

Cl. MV-2, Downgraded to C (sf); previously on Jan 14, 2010 Baa1 (sf) Placed Under Review for Possible Downgrade

Cl. MV-3, Downgraded to C (sf); previously on Jan 14, 2010 Ba1 (sf) Placed Under Review for Possible Downgrade

Cl. MV-4, Downgraded to C (sf); previously on Jan 14, 2010 Ba3 (sf) Placed Under Review for Possible Downgrade

Cl. MV-5, Downgraded to C (sf); previously on Jan 14, 2010 Ca (sf) Placed Under Review for Possible Downgrade

A list of these actions including CUSIP identifiers may be found at:

Excel: http://v3.moodys.com/viewresearchdoc.aspx?docid=PBS_SF226197

A list of updated estimated pool losses, sensitivity analysis, and tranche recovery details is being posted on an ongoing basis for the duration of this review period and may be found at:

Excel: http://v3.moodys.com/page/viewresearchdoc.aspx?docid=PBS_SF198174

For more information please see www.moodys.com.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, and confidential and proprietary Moody's Analytics information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating.

Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

New York
Ilana Fried
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Amita Shrivastava
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
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Moody's takes action on $6.2 billion of Alt-A RMBS issued by Citigroup Mortgage Loan Trust in 2005, 2006 and 2007
No Related Data.
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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be reckless and inappropriate for retail investors to use MOODY’S credit ratings or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.
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