Fitch Affirms Ocwen's CMBS Special Servicer Rating.CHICAGO -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. affirms Ocwen Federal Bank FSB's (Ocwen) special servicer rating of 'CSS2'. The affirmation is based on Ocwen's ability to successfully workout Workout Informal repayment or loan forgiveness arrangement between a borrower and creditors. workout 1. The process of a debtor's meeting a loan commitment by satisfying altered repayment terms. , manage and resolve mortgage loans in commercial mortgage-backed securities Commercial mortgage-backed securities (CMBS) are a type of bond commonly issued in American security markets. They are a type of Mortgage-backed security which are backed by mortgages on commercial rather than residential real estate. (CMBS CMBS See: Commercial Mortgage Backed Securities ) transactions. The rating also considers Ocwen's experienced asset management and special servicing team and its commitment to technology. As of Sept. 30, 2004, Ocwen was named special servicer on 12 CMBS transactions, totaling $819 million. At that date, Ocwen was actively specially servicing seven CMBS loans totaling $698,000 and managed four 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 CMBS properties valued at $1.2 million. Fitch rates commercial mortgage primary, master, and special servicers on a scale of 1 to 4, with 1 being the highest rating. Within each of these rating levels, Fitch further differentiates ratings by plus (+) and minus (-) as well as the flat rating. For more information about Fitch commercial mortgage servicer ratings or rating criteria, refer to the report titled 'Commercial Mortgage Servicer Rating Criteria', dated April 11, 2002, available on the Fitch Ratings web site at www.fitchratings.com. |
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