10-D 1 final_2008-02.txt 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-D ASSET-BACKED ISSUER DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the monthly distribution period from November 1, 2008 to November 30, 2008 Commission File Number of issuing entity: 333-145532-03 ----------------- CITICORP MORTGAGE SECURITIES TRUST, SERIES 2008-02 ------------------------------------------------------------------------ (Exact name of issuing entity as specified in its charter) Commission File Number of depositor: 333-145532 ---------------------- CITICORP MORTGAGE SECURITIES, INC. ------------------------------------------------------------------------ (Exact name of depositor as specified in its charter) CITIMORTGAGE, INC. ------------------------------------------------------------------------- (Exact name of sponsor as specified in its charter) New York ----------------------------------------------------------------------------- (State or other jurisdiction of incorporation or organization of the issuing entity) 80-0214715 and 80-0214718 ---------------------------------------------------------------------------- (I.R.S. Employer Identification No.) 1000 Technology Drive, O'Fallon, Missouri 63368-2240 ---------------------------------------- ---------- (Address of principal executive offices of the issuing entity) (Zip Code) (636) 261-1300 ------------------------------------------------------------------------- (Telephone number, including area code) -------------------------------------------------------------------------- (Former name, former address. if changed since last report.) Registered/reporting pursuant to (check one) Title Name of exchange of Class Section 12(b) Section 12(g) Section 15(d) (if Section 12(b)) Class IIA-1 { } { } {X} _____________ Class IIA-2 { } { } {X} _____________ Class IIA-PO { } { } {X} _____________ Class IIA-IO { } { } {X} _____________ Class IA-1 { } { } {X} _____________ Class IA-2 { } { } {X} _____________ Class IA-PO { } { } {X} _____________ Class IA-IO { } { } {X} _____________ Class B-1 { } { } {X} _____________ Class B-2 { } { } {X} _____________ Class B-3 { } { } {X} _____________ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes{X} No{ } 1 2 Part I - DISTRIBUTION INFORMATION Item 1. Distribution and Pool Performance Information On December 26, 2008 a distribution was made to holders of Citicorp Mortgage Securities, Inc. REMIC Pass-Through Certificates, Series 2008-02 issued by Citicorp Mortgage Securities Trust, Series 2008-02. The monthly distribution report is attached as an Exhibit to this Form 10-D. Please see Item 9(b), Exhibit 99.1. Part II - OTHER INFORMATION Item 7. Significant Enhancement Provider Information Not Applicable. Item 9. Exhibits (a) The following are documents filed as part of this Form 10-D: (99.1) Monthly distribution report for the month of November 2008. (b) Exhibits required to be filed by Form 10-D and Item 601 of Regulation S-K: (4.1) Pooling and Servicing Agreement, dated as of June 01, 2008, among Citicorp Mortgage Securities, Inc., CitiMortgage, Inc., U.S. Bank National Association, and Citibank, N.A. (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed by the issuing entity with the Securities and Exchange Commission on July 09, 2008.) (10.1) Form of Mortgage Loan Purchase Agreement, dated June 01, 2008, between Citicorp Mortgage Securities, Inc. and CitiMortgage, Inc. (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by the issuing entity with the Securities and Exchange Commission on July 09, 2008.) (99.1) Monthly distribution report for the month of November 2008. 2 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CITICORP MORTGAGE SECURITIES, INC. Depositor By: /s/ Cathy Johnson ------------------------- Cathy Johnson Assistant Vice President Dated: December 30, 2008 3 Exhibit No. Description ----------- ------------- (99.1) Monthly distribution report for the month of November 2008. 4 EXHIBIT 99.1 ------------- Citicorp Mortgage Securities, Inc. Distribution Date Statement to Certificateholders Remic Pass-Through Certificate Series Name: CMSI 2008-02 Payment Date: 12/26/2008 Issuer: Citicorp Mortgage Securities, Inc. Record Date: See footnote Determination Date: 12/18/2008 Distribution Date: 26-Dec-08 Distribution #: 6 W.A.C. 6.91% Trustee U.S. Bank National Association Diane Reynolds (651) 495-3923 Bond Administrator CitiMortgage, Inc. Valentina Polonskaya (636) 261-1342 Paying Agent: Citibank N.A. Karen Schluter (212) 816-5827

6 Citicorp Mortgage Securities, Inc. Distribution Date Statement to Certificate Holders Remic Pass-Through Certificate Series Name: CMSI 2008-02 Payment Date: 12/26/2008

7 Citicorp Mortgage Securities, Inc. Distribution Date Statement to Certificateholders Remic Pass-Through Certificate Series Name: CMSI 2008-02 Payment Date: 12/26/2008

8 Citicorp Mortgage Securities, Inc. Distribution Date Statement to Certificateholders Remic Pass-Through Certificate Series Name: CMSI 2008-02 Payment Date: 12/26/2008

9 Citicorp Mortgage Securities, Inc. Distribution Date Statement to Certificateholders Remic Pass-Through Certificate Series Name: CMSI 2008-02 Payment Date: 12/26/2008 Stated Collateral Information ------------------------------- Service Fees Begin Balance Aggregate Adj Balance -------------------------------------------------------------------- $17,720.42 $200,319,806.07 $199,322,186.53 Advances ------------ Voluntary Advances $25,719.57 Trustee Advances $0.00 Advance Account Advances $0.00 Certificate Account Advances $382,496.52 Summary of Disbursements ------------------------- Withdrawals Remittances Residual and (Deposits) P&I Distributed ----------------------------------------------------------------- $2,109,638.30 $0.00 $0.00 $2,109,638.30 Citicorp Mortgage Securities, Inc. Distribution Date Statement to Certificateholders Remic Pass-Through Certificate Series Name: CMSI 2008-02 Payment Date: 12/26/2008 Loans repurchased in the current period: Loan Number Scheduled Principal Balance Pool/Group -------------------------------------------------------- No repurchases for this period Citicorp Mortgage Securities, Inc. Distribution Date Statement to Certificateholders Remic Pass-Through Certificate Series Name: CMSI 2008-02 Payment Date: 12/26/2008 Loans Modified: NO MODIFICATIONS 10 Citicorp Mortgage Securities, Inc. Distribution Date Statement to Certificateholders Remic Pass-Through Certificate Series Name: CMSI 2008-02 Payment Date: 12/26/2008 COLLATERAL INFORMATION: GENERAL INFORMATION: AT ISSUE BEGINNING ENDING WAC-SCHED BAL 6.92% 6.91% WAM 337 332 331 AVG LTV 71 71 72 AVG LOAN SIZE $549,736 $550,329 $549,097 # OF LOANS 375 364 363 ACTUAL BALANCE $206,151,144.11 $200,508,761.48 $199,530,624.77 SCHEDULED BALANCE $206,151,144.11 $200,319,806.07 $199,322,186.53 TYPE OF DWELLING UNIT: AT ISSUE CURRENT SNGL FAM DET 77% 78% 2-4 FAMILY 8% 8% TOWNHOUSE 1% 0% CONDOMINIUM 11% 11% COOPERATIVE 3% 3% GEOGRAPHIC DISTRIBUTION: LTV DISTRIBUTION: AT ISSUE CURRENT AT ISSUE CURRENT 65% AND BELOW 29% 28% CA 23% CA 23% 65.01-75% 26% 26% NY 18% NY 19% 75.01-80% 35% 36% TX 9% TX 9% OVER 80% 10% 10% IL 5% IL 5% WA 4% WA 4% OTHER 41% OTHER 40% CREDIT ENHANCEMENT: AT ISSUE CURRENT SUBORDINATION 5.15% $10,617,397.00 5.29% $10,552,360.72 CUMULATIVE LOSS REDUCTION $0.00 PREPAYMENT INFORMATION: SCHEDULED PRINCIPAL: $204,506.59 PRINCIPAL PREPAYMENTS: $793,112.95 1 MONTH 3 MONTH 12 MONTH CUMULATIVE PRICING SPEED(PSA):300% PREPAYMENT HISTORY(PSA): 205% 426% 0% 303% PREPAYMENT HISTORY(CPR): 4.68% 8.88% 0.00% 5.40% DELINQUENCY (1)

(1) DETERMINED BY THE MBA METHOD. (2) DOES NOT INCLUDE REAL ESTATE OWNED BY THE TRUST, FORECLOSURES IN PROCESS AND BANKRUPTCIES IN PROCESS. (3) REPORTING THE ENDING SCHEDULED LOAN BALANCE AT THE TIME THE MODIFICATION OCCURRED. PERCENTAGES ARE BASED ON THE SECURITY'S ORIGINAL ISSUE BALANCE AND ORIGINAL NUMBER OF LOANS. ------------------------------------------------------------------------------- 30 yr REG COLLATERAL INFORMATION: GENERAL INFORMATION: AT ISSUE BEGINNING ENDING WAC-SCHED BAL 6.99% 6.98% WAM 355 349 348 AVG LTV 72 72 73 AVG LOAN SIZE $536,271 $535,813 $534,456 # OF LOANS 279 271 270 ACTUAL BALANCE $149,619,486.54 $145,326,796.31 $144,434,885.05 SCHEDULED BALANCE $149,619,486.54 $145,205,231.60 $144,303,057.54 TYPE OF DWELLING UNIT: AT ISSUE CURRENT SNGL FAM DET 78% 76% 2-4 FAMILY 9% 10% TOWNHOUSE 1% 1% CONDOMINIUM 9% 10% COOPERATIVE 3% 3% GEOGRAPHIC DISTRIBUTION: LTV DISTRIBUTION: AT ISSUE CURRENT AT ISSUE CURRENT 65% AND BELOW 27% 26% CA 23% CA 23% 65.01-75% 26% 26% NY 20% NY 21% 75.01-80% 36% 37% TX 8% TX 8% OVER 80% 11% 11% IL 5% NJ 5% NJ 5% IL 4% OTHER 39% OTHER 39% PREPAYMENT INFORMATION: SCHEDULED PRINCIPAL: $130,215.98 PRINCIPAL PREPAYMENTS: $771,958.08 1 MONTH 3 MONTH 12 MONTH CUMULATIVE PRICING SPEED(PSA):300% PREPAYMENT HISTORY(PSA): 284% 499% 0% 356% PREPAYMENT HISTORY(CPR): 6.22% 9.92% 0.00% 6.01% DELINQUENCY (1)

(1) DETERMINED BY THE MBA METHOD. (2) DOES NOT INCLUDE REAL ESTATE OWNED BY THE TRUST, FORECLOSURES IN PROCESS AND BANKRUPTCIES IN PROCESS. (3) REPORTING THE ENDING SCHEDULED LOAN BALANCE AT THE TIME THE MODIFICATION OCCURRED. PERCENTAGES ARE BASED ON THE SECURITY'S ORIGINAL ISSUE BALANCE AND ORIGINAL NUMBER OF LOANS. ------------------------------------------------------------------------------- 15 yr COLLATERAL INFORMATION: GENERAL INFORMATION: AT ISSUE BEGINNING ENDING WAC-SCHED BAL 6.14% 6.13% WAM 172 167 166 AVG LTV 59 60 60 AVG LOAN SIZE $515,729 $521,502 $518,971 # OF LOANS 39 36 36 ACTUAL BALANCE $20,113,438.31 $18,841,470.96 $18,751,363.29 SCHEDULED BALANCE $20,113,438.31 $18,774,080.26 $18,682,944.30 TYPE OF DWELLING UNIT: AT ISSUE CURRENT SNGL FAM DET 80% 79% 2-4 FAMILY 5% 5% TOWNHOUSE 0% 0% CONDOMINIUM 15% 16% COOPERATIVE 0% 0% GEOGRAPHIC DISTRIBUTION: LTV DISTRIBUTION: AT ISSUE CURRENT AT ISSUE CURRENT 65% AND BELOW 55% 54% CA 23% CA 24% 65.01-75% 25% 26% TX 15% TX 16% 75.01-80% 18% 18% IL 10% NY 10% OVER 80% 2% 2% NY 10% IL 8% MA 6% MA 7% OTHER 36% OTHER 35% PREPAYMENT INFORMATION: SCHEDULED PRINCIPAL: $74,290.61 PRINCIPAL PREPAYMENTS: $16,845.35 1 MONTH 3 MONTH 12 MONTH CUMULATIVE PRICING SPEED(PSA):300% PREPAYMENT HISTORY(PSA): 45% 593% 0% 424% PREPAYMENT HISTORY(CPR): 1.25% 15.41% 0.00% 9.77% DELINQUENCY (1)

(1) DETERMINED BY THE MBA METHOD. (2) DOES NOT INCLUDE REAL ESTATE OWNED BY THE TRUST, FORECLOSURES IN PROCESS AND BANKRUPTCIES IN PROCESS. (3) REPORTING THE ENDING SCHEDULED LOAN BALANCE AT THE TIME THE MODIFICATION OCCURRED. PERCENTAGES ARE BASED ON THE SECURITY'S ORIGINAL ISSUE BALANCE AND ORIGINAL NUMBER OF LOANS. ------------------------------------------------------------------------------- 30 yr IO COLLATERAL INFORMATION: GENERAL INFORMATION: AT ISSUE BEGINNING ENDING WAC-SCHED BAL 7.05% 7.05% WAM 354 349 348 AVG LTV 74 74 74 AVG LOAN SIZE $638,916 $637,553 $637,477 # OF LOANS 57 57 57 ACTUAL BALANCE $36,418,219.26 $36,340,494.21 $36,344,376.43 SCHEDULED BALANCE $36,418,219.26 $36,340,494.21 $36,336,184.69 TYPE OF DWELLING UNIT: AT ISSUE CURRENT SNGL FAM DET 82% 82% 2-4 FAMILY 2% 2% TOWNHOUSE 0% 0% CONDOMINIUM 14% 14% COOPERATIVE 2% 2% GEOGRAPHIC DISTRIBUTION: LTV DISTRIBUTION: AT ISSUE CURRENT AT ISSUE CURRENT 65% AND BELOW 21% 21% CA 23% CA 23% 65.01-75% 25% 25% NY 17% NY 17% 75.01-80% 45% 45% WA 13% WA 13% OVER 80% 9% 9% TX 6% TX 6% MI 6% MI 6% OTHER 35% OTHER 35% PREPAYMENT INFORMATION: SCHEDULED PRINCIPAL: $0.00 PRINCIPAL PREPAYMENTS: $4,309.52 1 MONTH 3 MONTH 12 MONTH CUMULATIVE PRICING SPEED(PSA):300% PREPAYMENT HISTORY(PSA): 6% 35% 0% 24% PREPAYMENT HISTORY(CPR): 0.14% 0.76% 0.00% 0.45% DELINQUENCY (1)

(1) DETERMINED BY THE MBA METHOD. (2) DOES NOT INCLUDE REAL ESTATE OWNED BY THE TRUST, FORECLOSURES IN PROCESS AND BANKRUPTCIES IN PROCESS. (3) REPORTING THE ENDING SCHEDULED LOAN BALANCE AT THE TIME THE MODIFICATION OCCURRED. PERCENTAGES ARE BASED ON THE SECURITY'S ORIGINAL ISSUE BALANCE AND ORIGINAL NUMBER OF LOANS. ------------------------------------------------------------------------------- 30 yr REG and 30 yr IO COLLATERAL INFORMATION: GENERAL INFORMATION: AT ISSUE BEGINNING ENDING WAC-SCHED BAL 7.00% 6.99% WAM 354 349 348 AVG LTV 72 73 73 AVG LOAN SIZE $553,684 $553,493 $552,414 # OF LOANS 336 328 327 ACTUAL BALANCE $186,037,705.80 $181,667,290.52 $180,779,261.48 SCHEDULED BALANCE $186,037,705.80 $181,545,725.81 $180,639,242.23 TYPE OF DWELLING UNIT: AT ISSUE CURRENT SNGL FAM DET 78% 78% 2-4 FAMILY 8% 8% TOWNHOUSE 1% 0% CONDOMINIUM 10% 11% COOPERATIVE 3% 3% GEOGRAPHIC DISTRIBUTION: LTV DISTRIBUTION: AT ISSUE CURRENT AT ISSUE CURRENT 65% AND BELOW 26% 25% CA 23% CA 23% 65.01-75% 26% 26% NY 19% NY 20% 75.01-80% 37% 38% TX 8% TX 8% OVER 80% 11% 11% IL 5% IL 4% WA 4% NJ 4% OTHER 41% OTHER 41% PREPAYMENT INFORMATION: SCHEDULED PRINCIPAL: $130,215.98 PRINCIPAL PREPAYMENTS: $776,267.60 1 MONTH 3 MONTH 12 MONTH CUMULATIVE PRICING SPEED(PSA):300% PREPAYMENT HISTORY(PSA): 226% 403% 0% 285% PREPAYMENT HISTORY(CPR): 5.03% 8.17% 0.00% 4.93% DELINQUENCY (1)

(1) DETERMINED BY THE MBA METHOD. (2) DOES NOT INCLUDE REAL ESTATE OWNED BY THE TRUST, FORECLOSURES IN PROCIESS AND BANKRUPTCIES IN PROCESS. (3) REPORTING THE ENDING SCHEDULED LOAN BALANCE AT THE TIME THE MODIFICATION OCCURRED. PERCENTAGES ARE BASED ON THE SECURITY'S ORIGINAL ISSUE BALANCE AND ORIGINAL NUMBER OF LOANS. -------------------------------------------------------------------------------

Citicorp Mortgage Securities Trust, Series 2008-2 10-D