Litton Sees Servicer Ratings Affirmed

On the heels of its acquisition by Goldman Sachs, Fitch Ratings said last week that it has affirmed its servicer ratings on Litton Loan Servicing. The former C-BASS unit saw primary servicer ratings for subprime and HLTV products affirmed at ‘RPS1’; special servicer ratings affirmed at ‘RSS1’; and manufactured housing servicer ratings affirmed at ‘RPS2’. As of June 30, 2007, Litton’s servicing portfolio consisted of more than 375,210 residential mortgage loans totaling more than $53.8 billion. In addition to MH loans, the portfolio included approximately 260,495 subprime loans totaling $46.4 billion and 89,360 HLTV loans totaling $4.3 billion. A portion of these loans (approximately 48,229 loans totaling $7.6 billion) are serviced for third parties and make up Litton’s special servicing portfolio. In 2003, Litton began acquiring MH loans. The company’s portfolio started from 3,300 loans totaling approximately $204 million to an inventory now of 7,252 loans totaling more than $585 million as of June 2007. Delinquent MH loans are serviced separately by a high risk asset (HRA) group. Fitch characterized the servicer as “efficient” in special servicing and “strong” in its primary servicing activities. For more information, visit http://www.fitchratings.com.