TEXT-Fitch affirms Specialized Loan Servicing servicer ratings
Nov 26 - Fitch Ratings has taken the following actions on the U.S. residential primary servicer ratings for Specialized Loan Servicing, LLC (SLS): --Primary servicer rating for Alt-A product affirmed at 'RPS2'; Outlook Stable; --Primary servicer rating for Subprime product affirmed at 'RPS2'; Outlook Stable; --Primary servicer rating for HELOC product affirmed at 'RPS2'; Outlook Stable; --Primary servicer rating for Second Lien product affirmed at 'RPS2'; Outlook Stable; --Special servicer rating affirmed at 'RSS2'; Outlook Stable. The servicer rating affirmations and Stable Outlook reflect SLS's continued positive performance, technological enhancements including innovative investor management tools, its highly focused control environment and strong foreclosure processes and oversight. The ratings also take into consideration the financial condition of SLS and its parent, Computershare, both non-rated entities, as financial condition is a component of Fitch's servicer ratings. In November 2011 Computershare acquired SLS. Computershare is an international data management and transaction processing business. Finally, the ratings reflect Fitch's overall concerns for the U.S. residential servicing industry, which include the ability to maintain high performance standards while addressing the rising cost of servicing and changes to industry practices which are likely to me mandated by regulators and other parties. SLS is headquartered in Highlands Ranch, CO. As of July 31, 2012, SLS' portfolio comprised over 231,000 loans totaling $21.3 billion. The current portfolio contains approximately 15,500 subprime loans totaling $3.1 billion, 7,000 Alt-A loans totaling $1.6 billion, 53,500 subprime closed-end second liens totaling $2.3 billion, 62,200 HELOC loans totaling $3.9 billion and approximately 93,000 other loans totaling $10.8 billion. The U.S. Residential Mortgage Servicer ratings sector remains on Negative Outlook. On Nov 4, 2010, Fitch assigned a Negative Outlook for the entire U.S. Residential Mortgage Servicer ratings sector on increased concerns surrounding alleged procedural defects in the judicial foreclosure process. Fitch rates residential mortgage primary, master, and special servicers on a scale of 1 to 5, with 1 being the highest rating. Within some of these rating levels, Fitch further differentiates ratings by plus (+) and minus (-) as well as the flat rating. For more information on Fitch's residential servicer rating program, please see Fitch's report 'Rating U.S. Residential and Small Balance Commercial Mortgage Servicer Rating Criteria', dated Jan. 31, 2011 which is available on the Fitch Ratings web site at 'www.fitchratings.com'. Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings. Applicable Criteria and Related Research: --'Global Rating Criteria for Structured Finance Servicers' (Aug. 16, 2010); --'U.S. Residential and Small Balance Commercial Mortgage Servicer Rating Criteria' (Jan. 31, 2011). Applicable Criteria and Related Research: Global Rating Criteria for Structured Finance Servicers U.S. Residential and Small Balance Commercial Mortgage Servicer Rating Criteria
DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.