Fitch Assigns Subservicer Rating to GMAC Mortgage.NEW YORK -- Fitch Ratings assigns GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance Mortgage LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (GMAC Mortgage) its 'RPS1' residential primary subservicer rating. In addition, Fitch removes from Rating Watch Evolving and affirms GMAC Mortgage's 'RPS1' residential primary servicer ratings for prime, Alt-A, subprime, high loan-to-value (HLTV HLTV High Loan to Value HLTV Half-Life Television HLTV Half Life True Voice ), and home equity/home equity lines of credit (HELOC HELOC Home Equity Line Of Credit ) products. Also, Fitch removes from Rating Watch Evolving and upgrades GMAC Mortgage's special servicer rating to 'RSS1' from 'RSS1-'. The primary, special and subservicer ratings are based on the company's solid loan administration practices, experienced management team, comprehensive internal controls, robust technology platform, effective management and liquidation of delinquent and nonperforming 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, and demonstrated ability to provide effective subservicing for third party portfolios. The ratings also incorporate the financial strength of its parent, Residential Capital LLC (ResCap), rated 'BBB' by Fitch. On November 30, 2006, Fitch upgraded ResCap's IDR IDR In currencies, this is the abbreviation for the Indonesian Rupiah. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. to 'BBB' from 'BBB-' and its parent GMAC LLC's (GMAC) IDR to 'BB+' from 'BB' (Rating Outlook Positive) following the closing of the sale of a controlling interest in GMAC to a consortium led by Cerberus FIM FIM The ISO 4217 currency code for the Finnish Markka. Investors, LLC. The ratings for ResCap and GMAC were also removed from Rating Watch Positive, where they were originally placed on April 3, 2006. With the closing of the transaction, the ratings of ResCap and GMAC will no longer be directly linked to those of General Motors Corp. (GM). Fitch had previously placed the corporate ratings of GMAC, parent of ResCap, and ResCap on Rating Watch Evolving on Oct. 17, 2005 following GM's announcement that it was considering selling a controlling stake in GMAC. ResCap's Residential Finance Group is integrating its U.S. servicing operations to form a Debt Servicing Utility (DSU) for the company's domestic servicing portfolios. The initiative will involve the integration of its primary, subservicing and master servicing operations which includes the servicing operations of GMAC Mortgage, Homecomings Financial and GMAC-RFC master servicing. The DSU is intended to be a common servicing platform capable of supporting any loan product (including mortgages, consumer loans, and leases), brand or servicing requirements. Fitch has reviewed the company's servicing operations and believes GMAC Mortgage has the appropriate staff, default procedures, and controls in place to manage its growth initiatives while maintaining performance. However, Fitch will continue to monitor GMAC Mortgage's performance and evaluate its progress as it integrates its servicing operations with Homecomings Financial and GMAC-RFC. 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 mortgage servicer rating program, please see Fitch's report, 'Rating US Residential Mortgage Servicers,' dated Nov. 29, 2006 on Fitch's website at www.fitchratings.com. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion