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Fitch Ratings has downgraded and withdrawn Litton Loan Servicing LLP's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 The ratings being withdrawn had been determined in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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