Calmco Servicing L.P. Rtd RSS2 As Spcl Srvcr By Fitch IBCA.NEW YORK--(BUSINESS WIRE)--Oct. 12, 1999-- Fitch IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals assigns Calmco Servicing L.P. its RSS (Really Simple Syndication) A syndication format that was developed by Netscape in 1999 and became very popular for aggregating updates to blogs and the news sites. RSS has also stood for "Rich Site Summary" and "RDF Site Summary. 2 Special Servicer Rating. The special servicer rating reflects the company's ability to manage and liquidate To pay and settle the amount of a debt; to convert assets to cash; to aggregate the assets of an insolvent enterprise and calculate its liabilities in order to settle with the debtors and the creditors and apportion the remaining assets, if any, among the stockholders or owners of the non-performing residential mortgage loans and real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most (REO reo Noun NZ a language [Maori] ) assets. This RSS2 rating reflects the strong default servicing experience of Calmco's management and supervisory staff and its advanced default loan management systems and procedures, as well as the strength of its parents. Fitch IBCA's review of Calmco determined that it currently has excess staff and system capacity to allow for increase in portfolio size. Fitch IBCA will continue to monitor the company's ability to maintain and increase servicing portfolio volumes, which should allow the retention of current staffing expertise. As of June 30, 1999 Calmco serviced approximately 12,000 sub-prime and non-performing loans totaling $904 million in outstanding principal balance. Since March 1996, Calmco has liquidated more than 4,100 REO properties. Fitch IBCA rates residential mortgage primary, master, and special servicers on a scale of 1 to 5, with 1 being the highest rating. For more information on the review and rating process for servicers, see Fitch IBCA Research on "Rating Residential Loan Servicers," dated Aug. 3, 1999, available on Fitch IBCA's web site at `www.fitchibca.com'. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion