Fitch Downgrades and Withdraws Litton Loan Servicing LLP's U.S. Residential Servicer Ratings

  Fitch Downgrades and Withdraws Litton Loan Servicing LLP's U.S. Residential   Servicer Ratings  Business Wire  NEW YORK -- May 18, 2012  Fitch Ratings has downgraded and withdrawn Litton Loan Servicing LLP's (Litton) U.S. residential mortgage servicer ratings as follows:  --Primary servicer rating for Alt-A product to 'RPS3' from 'RPS1';  --Primary servicer rating for subprime product to 'RPS3' from 'RPS1';  --Primary specialty servicer rating for manufactured housing product to 'RPS3' from 'RPS2';  --Primary specialty servicer rating for closed-end second liens product to 'RPS3' from 'RPS1';  --Residential special servicer rating to 'RSS3' from 'RSS1'.  The rating downgrades are based on the acquisition of Litton's residential servicing platform and portfolio by Ocwen Financial Corporation (Ocwen). The rating withdrawals are based on insufficient information regarding the Litton platform being provided to Fitch to maintain the ratings following the acquisition of Litton by Ocwen. The ratings were placed on Rating Watch Negative in June 2011 following the announcement that Litton was being acquired by Ocwen. The ratings being withdrawn had been determined in accordance with Fitch's criteria ''U.S. Residential and Small Balance Commercial Mortgage Servicer Rating Criteria' and 'Global Rating Criteria for Structured Finance Servicers'.  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 'U.S. Residential and Small Balance Commercial Mortgage Servicer Rating Criteria,' dated Jan. 31, 2011, and 'Global Rating Criteria for Structured Finance Servicers,' dated Aug. 16, 2010, both available on the Fitch's Web site at www.fitchratings.com.  Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.  Applicable Criteria and Related Research:  --'Global Rating Criteria for Structured Finance Servicers' (Aug. 13, 2010);  --'U.S. Residential and Small Balance Commercial Mortgage Servicer Rating' (Jan. 31, 2011).  Applicable Criteria and Related Research:  U.S. Residential and Small Balance Commercial Mortgage Servicer Rating Criteria  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=600065  Global Rating Criteria for Structured Finance Servicers  http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547305  ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE '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 ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.  Contact:  Fitch Ratings Sandro Scenga, +1-212-908-0278 Media Relations, New York sandro.scenga@fitchratings.com or Primary Analyst: Thomas Crowe, +1-212-908-0227 Senior Director Fitch, Inc. One State Street Plaza New York, NY 10004 or Secondary Analyst: Michael Laidlaw, +1-212-908-0251 Director or Committee Chairperson: Grant Bailey, +1-212-908-0544 Managing Director  
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