Fitch Affirms OCWEN's Special Servicer Rating At `CSS2'.Business EditorsNEW YORK--(BUSINESS WIRE)--Dec. 3, 2001 OCWEN Federal Bank FSB's (OCWEN) special servicer rating of `CSS (1) See Cascading Style Sheets. (2) (Content Scrambling System) The copy protection system applied to DVDs, which uses a 40-bit key to encrypt the movie. 2' is affirmed by Fitch based on their consistent ability to specially service and resolve distressed assets securing commercial mortgage-backed securities (CMBS CMBS See: Commercial Mortgage Backed Securities ). The rating reflects the company's highly experienced team and commitment to technology. Despite disappointing financial performance from the parent, OCWEN Financial Corporation, the servicing division is profitable. The company continues to support its technology division, OTX OTX Online Testing Exchange OTX Orthodenticle OTX Optical Transmit (NEC) OTX Origin Transmitter (Ciena) OTX Odin Telecom frameworX OTX Olivetti Text File OTX Optical Transmitter OTX Open Type Xml , and is confident this division will also become profitable. OCWEN is highly effective in managing and liquidating assets. As of Sept. 30, 2001 OCWEN serviced commercial assets totaling $1.38 billion, which includes commercial 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 totaling $132.4 million. Fitch rates special servicers 'CSS1', `CSS2', 'CSS3', or 'CSS4', with `CSS1' being the highest rating on the scale. |
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