August 22, 2005 15:44 ET

C-BASS Completes $463 Million REMIC, C-BASS Series 2005-CB4

NEW YORK, NY -- (MARKET WIRE) -- August 22, 2005 -- C-BASS, the established leader in servicing and securitizing credit-sensitive residential mortgages, and an affiliate of MGIC (NYSE: MTG) and Radian Group Inc. (NYSE: RDN), today announced that on August 10, 2005 it closed on a transaction backed by approximately $510,000,000 of residential mortgage collateral. Citigroup and Friedman Billings Ramsey underwrote the approximately $463,448,000 of investment grade certificates. The publicly issued transaction, Citigroup Mortgage Loan Trust, Series 2005-CB4, C-BASS Mortgage Loan Asset-Backed Certificates, represents C-BASS' fourth public whole loan securitization of 2005.

The Certificates are rated by Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's ("S&P"), Fitch Ratings ("Fitch"), and Dominion Bond Rating Service ("DBRS"). The securitization consists of 13 classes of offered Certificates, Class AV-1, Class AV-2, Class AV-3, Class AF-1, Class AF-2, Class AF-3 and Class AF-4 rated Aaa/AAA/AAA/AAA; Class M-1 rated Aa1/AA+/AA+/AA(high); Class M-2 rated Aa2/AA/AA/AA; Class M-3 rated Aa3/AA/AA/AA; Class M-4 rated A1/AA-/AA-/AA(low); Class M-5 rated A2/A+/A+/A(high); and Class M-6 rated A3/A/A/A.

Servicing for the underlying collateral is performed by Litton Loan Servicing LP, a wholly owned subsidiary of C-BASS.

C-BASS is a New York-based company specializing in the acquisition, servicing and securitization of credit-sensitive residential mortgages. C-BASS combines advanced credit risk analysis, seasoned loss mitigation expertise, and proprietary default management technology to provide special servicing and subprime servicing for credit sensitive and non-performing mortgage loans. C-BASS is a limited liability company capitalized by MGIC Investment Corporation (NYSE: MTG), Radian Group Inc. (NYSE: RDN), and C-BASS management. MGIC Investment Corporation, based in Milwaukee, WI, is the parent of Mortgage Guaranty Insurance Corporation (MGIC), and Radian Group Inc., based in Philadelphia, PA, is the parent of Radian Guaranty Inc.

This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities.

Contact Information