Fitch Affirms Litton Loan Servicing's Ratings; Litton Maintains Top Ratings in 3 Residential Mortgage Servicing Categories.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 8, 2003 C-BASS C-BASS Credit-Based Asset Servicing and Securitization , the established leader in servicing and securitizing credit sensitive residential mortgages, and an affiliate of MGIC MGIC Mortgage Guaranty Insurance Company MGIC Montana Geographic Information Council (NYSE NYSE See: New York Stock Exchange :MTG) and Radian Group Inc. (NYSE:RDN), today announced that Fitch has affirmed the residential servicer ratings on its servicing subsidiary, Litton Loan Servicing, L.P. Litton has maintained its residential primary servicer ratings of 'RPS1' for subprime and high loan-to-value (HLTV HLTV High Loan to Value HLTV Half-Life Television HLTV Half Life True Voice ) products and its 'RSS1' residential special servicing rating. According to Fitch, "The primary servicer ratings are based on the company's highly experienced management team, sophisticated default management systems, and lengthy experience in servicing defaulted residential loans. The special servicer rating is based on the company's ability to manage and liquidate 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) assets." "We are proud that we have been able to maintain the high ratings assigned to us by Fitch," said Larry B. Litton, Sr., President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Litton Loan Servicing. "We are committed to continuing to provide high quality servicing to our strategic partners." Founded in 1988, Litton Loan Servicing began as a subservicer of problem loans and has experienced tremendous success maximizing returns on delinquent assets for lenders and investors. The union of C-BASS and Litton in 1996 has produced a merger of advanced credit analytics expertise with default management experience and state-of-the-art technology, establishing Litton as one of the premier residential mortgage servicers in the industry. C-BASS is a limited liability company capitalized by MGIC Investment Corporation (NYSE:MTG), Radian Group Inc. (NYSE:RDN), and C-BASS management. C-BASS specializes in the acquisition, servicing and securitization of credit-impaired residential mortgages. MGIC Investment Corporation, based in Milwaukee, WI is the parent of Mortgage Guaranty Insurance Corporation Mortgage Guaranty Insurance Corporation (a subsidiary of MGIC Investment Corporation) NYSE: MTG is the largest provider of private mortgage insurance in the United States. (MGIC), and Radian Group Inc., based in Philadelphia, PA is the parent of Radian Guaranty Inc. |
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