Fitch IBCA Affirms OCWEN's Special Servicer Rating at `CSS2'.
NEW YORK--(BUSINESS WIRE)--July 1, 1999--
OCWEN Federal Bank FSB's 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 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 based on OCWEN's ability to specially service and resolve distressed assets securing commercial mortgage-backed securities (CMBS CMBS
See: Commercial Mortgage Backed Securities ).
The rating also reflects the company's highly experienced team and commitment to technology.
OCWEN is highly effective in managing and liquidating assets in its portfolios. As of April 22, 1999 OCWEN serviced 1103 assets totaling $2 billion, including 135 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 totaling $162 million. The company's recent purchase of Synergy Software Inc. demonstrates its strong commitment to technology.
Fitch IBCA rates special servicers 'CSS1', `CSS2', 'CSS3', or 'CSS4', with `CSS1' the highest rating on the scale.