Fitch Ratings Affirms ABN AMRO 'RPS2+' Resi Servicer Rating.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 12, 2003 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 ABN AMRO ABN AMRO Algemene Bank Nederland-Amsterdam Roterdam Bank (Dutch bank) Mortgage Group, Inc.'s (AAMG AAMG Ambient Air Monitoring Group (US EPA) AAMG Antiaircraft Machine Gun AAMG Asociación Amigos de Los Niños (Association of Friends of the Children, Guatemala) AAMG Associated Anesthesiologists Medical Group ) residential primary servicer rating for prime product at 'RPS2+'. The rating is based on the financial strength of its parent, experienced management team, and solid internal control environment. The rating also reflects AAMG's quality training programs, effective performing loan management and its continuing investments in technology. AAMG, a leading originator and servicer of residential mortgage loans, is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of ABN AMRO North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Inc. and its ultimate parent, ABN AMRO N.V. (ABN AMRO Bank), one of the world's largest banks, whose long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. is rated 'AA-' by Fitch. Headquartered in Ann Arbor Ann Arbor, city (1990 pop. 109,592), seat of Washtenaw co., S Mich., on the Huron River; inc. 1851. It is a research and educational center, with a large number of government and industrial research and development firms, many in high-technology fields such as , MI, and operating three servicing platforms in Troy, MI, Norridge, IL and Jacksonville, FL, AAMG originates prime residential mortgage loans nationwide through its retail and wholesale channels. As of June 30, 2003, AAMG serviced more than 1.6 million mortgage loans totaling over $201 billion, representing a 24% increase over the prior year. The portfolio is comprised of approximately 84% prime conventional product and 16% jumbo product. Over the past 12 months, AAMG completed the restructure of its traditional servicing platform, reorganizing its default servicing unit to appropriately position the company to manage potential increases in defaults. AAMG continues to refine its operations, focusing on improved customer service and enhanced servicing quality. Fitch believes AAMG will remain an effective servicer, and will continue to monitor the company's servicing platform for further operational changes, as the company pursues its strategic initiatives. 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 servicer rating program, please see Fitch's report, 'Residential Mortgage Servicer Ratings', dated Feb. 21, 2003 and available on the Fitch Ratings web site at 'www.fitchratings.com'. |
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