Fitch Rates CMSI $401.3 MM REMIC P-T Ctfs Series 2005-6

NEW YORK--Citicorp Mortgage Securities, Inc.'s (CMSI) REMIC pass-through certificates, series 2005-6 as follows:

-- $391,829,859 classes IA-1 through IA-10, IIA-1, and A-PO certificates (senior certificates) 'AAA';

-- $5,025,000 class B-1 'AA';

-- $2,009,000 class B-2 'A'

-- $1,206,000 class B-3 'BBB';

-- $603,000 class B-4 'BB';

-- $602,000 class B-5 'B'.

The $603,666 class B-6 is not rated by Fitch.

The 'AAA' rating on the senior certificates reflects the 2.50% subordination provided by the 1.25% class B-1, the 0.50% class B-2, the 0.30% class B-3, the 0.15% privately offered class B-4, the 0.15% privately offered class B-5, and the 0.15% privately offered class B-6. In addition, the ratings reflect the quality of the mortgage collateral, strength of the legal and financial structures, and CitiMortgage, Inc.'s servicing capabilities (rated 'RPS1' by Fitch) as primary servicer.

The mortgage loans have been divided into two pools of mortgage loans. Pool I, with an unpaid aggregate principal balance of $334,784,433, consists of 598 recently originated, 23-30 year fixed-rate mortgage loans secured by one- to four-family residential properties located primarily in California (30.77%) and New York (24.02%). The weighted average current loan to value ratio (CLTV) of the mortgage loans is 65.44%. Condo properties account for 5.61% of the total pool, and co-ops account for 8.49%. Cash-out refinance loans represent 23.29% of the pool, and there are no investor properties. The average balance of the mortgage loans in the pool is approximately $559,840. The weighted average coupon of the loans is 5.872%, and the weighted average remaining term is 359 months.

Pool II, with an unpaid aggregate principal balance of $67,094,092, consists of 116 recently originated, 15-year fixed-rate mortgage loans secured by one- to four-family residential properties located primarily in California (25.51%) and New York (17.88%). The weighted average current loan to value ratio (CLTV) of the mortgage loans is 56.40%. Condo properties account for 11.78% of the total pool and co-ops account for 4.36%. Cash-out refinance loans and investor properties represent 43.92% and 0.29% of the pool, respectively. The average balance of the mortgage loans in the pool is approximately $578,397. The weighted average coupon of the loans is 5.401%, and the weighted average remaining term is 179 months.

None of the mortgage loans are 'high cost' loans as defined under any local, state, or federal laws. For additional information on Fitch's rating criteria regarding predatory lending legislation, see the press release 'Fitch Revises Rating Criteria in Wake of Predatory Lending Legislation,' dated May 1, 2003, available on the Fitch Ratings web site.

The mortgage loans were originated or acquired by CMI and in turn sold to CMSI. A special purpose corporation, CMSI, deposited the loans into the trust, which then issued the certificates. U.S. Bank National Association will serve as trustee. For federal income tax purposes, an election will be made to treat the trust fund as one or more real estate mortgage investment conduits.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.