DBRS Rates Citigroup Mortgage Loan Trust Mortgage Pass-Through Certificates, Series 2009-D

DBRS has today assigned the following ratings to the CMLTI Mortgage Pass-Through Certificates, Series 2009-D issued by Citigroup Mortgage Loan Trust 2009-D (the Trust).

-- $93.6 million Class A1* rated at AAA
-- $79.5 million Class A1A** rated at AAA
-- $9.4 million Class A1B** rated at AAA
-- $4.7 million Class A1C** rated at AAA
-- $7.3 million Class A2* rated at AAA
-- $6.2 million Class A2A** rated at AAA
-- $727.0 thousand Class A2B** rated at AAA
-- $363.0 thousand Class A2C** rated at AAA
-- $466.0 thousand Class B1 rated at AA
-- $415.0 thousand Class B2 rated at “A”
-- $415.0 thousand Class B3 rated at BBB
-- $259.0 thousand Class B4 rated at BB
-- $363.0 thousand Class B5 rated at B
¬-- $100 Class R rated at AAA

The AAA ratings on the Class A certificates (the Senior Certificates) and the Class R certificate reflect the 2.75% of credit enhancement provided by subordination. The AA, “A,” BBB, BB, and B ratings on Classes B1, B2, B3, B4, and B5 reflect the 2.30%, 1.90%, 1.50%, 1.25% and 0.90% of credit enhancement, respectively, provided by classes subordinate thereto. The mortgage loans have been divided into two loan groups. The Class A1 Certificates represent senior interests in the Group 1 mortgage loans and the Class A2 Certificates represent senior interests in the Group 2 mortgage loans. The subordinate classes are crossed between the two groups. The Initial Exchangeable Certificates are exchangeable for the related combinations of Senior Exchangeable Certificates and vice versa as described in the private placement memorandum. The Class B6 Certificates are not rated by DBRS.

The ratings on the certificates also reflect the quality of the underlying assets and the capabilities of CitiMortgage, Inc. as servicer. U.S. Bank National Association will serve as trustee and Citibank, N.A. will serve as custodian.

Interest and principal payments collected from the mortgage loans will generally be distributed on the 25th of each month, commencing in October 2009. Interest and then principal will be paid to each senior certificate concurrently from their respective loan groups (and, if necessary, from other respective loan groups pursuant to cross-collateralization provisions) and then to the subordinate certificates in sequential order beginning with the Class B1 Certificates. Unless paid down to zero, unscheduled principal will be paid exclusively to the Senior Certificates for the first five years and disproportionately in years six through nine, subject to performance tests.

The Trust contains mortgage loans originated by CitiMortgage, Inc. The loans are on average 77 months seasoned first-lien, prime quality, fixed-rate mortgages secured by one- to four-family residential properties. Loan Group 1 consists primarily of 30-year fixed-rate mortgages and Loan Group 2 consists primarily of 15-year fixed-rate mortgages. As of the cut-off date (September 1, 2009), the loans had an aggregate principal balance of approximately $103,672,236, a weighted-average mortgage rate of 5.622% and a weighted-average FICO score of 748.

The weighted-average original and amortizing loan-to-value (LTV) ratios are 49.10% and 39.63% based on the original appraised values. In calculating its own LTV, DBRS first updated properties to their present value based on the original appraised value and loan seasoning using the Metropolitan Statistical Area (MSA) Case-Shiller home price indices. Then, DBRS further stressed the appraised values to the MSA-level housing trough based on the Case-Shiller home price projections for the next 12 months, with no credit given to any possible price appreciation in this period.

Note:

• denotes Initial Exchangeable Certificate.
  ** denotes Senior Exchangeable Certificate.

All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is Rating U.S. Residential Mortgage-Backed Securities Transactions, which can be found on our website under Methodologies.

This is a Structured Finance rating.