Fitch Upgr Wells Fargo's Primary & Special Servicer Ratings.Business Editors NEW YORK--(BUSINESS WIRE)--June 22, 2000 Fitch upgrades Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Bank's primary servicer rating from 'CPS2' to 'CPS1' and special servicer rating from 'CSS2' to 'CSS1'. In addition, Fitch affirms the 'CSS2' master servicer rating. These ratings are based on the company's exceptional primary servicing capabilities, as well as managing and resolving multifamily and commercial 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 assets. Wells Fargo's strengths include a seasoned CMBS CMBS See: Commercial Mortgage Backed Securities experienced loan servicing Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. and loan workout team. As of March 31, 2000, the company was servicing 1977 commercial mortgage back securities (CMBS) loans totaling approximately $11.2 billion, primary servicing 1623 loans, totaling $9.3 billion and master servicing 374 loans, totaling $2 billion. Wells Fargo is named special servicer on 12 transactions totaling $6 billion. For more information about Fitch commercial mortgage servicer ratings or rating criteria, refer to the report titled 'Commercial Mortgage Servicer Rating Criteria', dated Oct. 28, 1999, available on Fitch's web site, 'www.fitchibca.com'. Fitch is an international rating agency that provides global capital market investors with the highest quality ratings and research. Dual headquartered in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and London with a major office in Chicago, Fitch rates entities in 75 countries and has some 1,100 employees in more than 40 local offices worldwide. The agency, which is a combination of 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 and Duff & Phelps Credit Rating Co., provides ratings for Financial Institutions, Insurance, Corporates, Structured Finance, Sovereigns and Public Finance Markets worldwide. |
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