CitiMortgage’s bank parent has completed a unique securitization of nonprime mortgages backed by simple interest and rate reduction loans. The loans backing the $786.33 million deal, Citicorp Residential Mortgage Trust Series 2006-1, were originated through the company’s Primerica unit and feature biweekly pay schedules offered as a part of a program that the bank believes will allow its customers to build equity more quickly. It’s the simple interest feature that is likely to raise some eyebrows, however.