DBRS Rates Citigroup Mortgage Loan Trust 2012-1

DBRS, Inc. has today assigned the following ratings to the Resecuritization Trust Certificates, Series 2012-1, issued by Citigroup Mortgage Loan Trust 2012-1 (the Trust):

-- $19.4 million Class 1A1 rated at A (sf)

There are two groups total in this resecuritization trust. DBRS rates securities from Group 1, which consists of one seasoned senior residential mortgage-backed security (RMBS). The ratings on the certificates reflect the credit enhancement provided by subordination within Group 1. The ratings also reflect the quality of the underlying assets.

The ratings assigned to the offered securities address (i) the likelihood of the receipt by security holders of all principal distributions to which such security holders are entitled and (ii) the likelihood of the receipt by security holders of the amount of interest actually received by the trust to the extent payable to each class in accordance with the priorities described in the operative documents (as such interest received by the trust may have been reduced as a result of any interest shortfalls allocated to the related underlying securities, and as such interest entitlement may be further reduced by the allocation of extraordinary trust expenses). For more details on the ratings, please refer to the offering and transaction legal documents.

Other than the specified classes above, DBRS does not rate any other certificates in this transaction.

Interest and principal payments on the certificates will be made on the same day as the underlying distribution date (generally the 25th of each month), commencing in February 2012. Within Group 1, interest payments will be distributed on a pro rata basis to the certificates and principal will be distributed on a sequential basis to the certificates until the certificate principal balances thereof are reduced to zero.

For Group 1, the monthly increase in the Implied Realized Loss Amount for the Group 1 Underlying Security will be allocated to reduce the certificate principal balances in reverse sequential order.

Group 1 is a resecuritization consisting of one senior RMBS represented by one real estate mortgage investment conduit (REMIC). The REMIC is backed by a pool of seasoned, Alt-A, first lien, adjustable-rate, one- to four-family residential mortgage loans.

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

The applicable methodology is RMBS Insight: U.S. Residential Mortgage-Backed Securities Loss Model and Rating Methodology, which can be found on our website under Methodologies.

The Rule 17g-7 Report of Representations and Warranties is hereby incorporated by reference and can be found by clicking on the link or by contacting us at info@dbrs.com.