Fitch Monitoring Green Tree's U.S. Resi Svcr Ratings Following Bank of America Announcement

  Fitch Monitoring Green Tree's U.S. Resi Svcr Ratings Following Bank of
  America Announcement

Business Wire

NEW YORK -- January 8, 2013

Fitch Ratings is monitoring Green Tree Servicing LLC's (Green Tree) servicer
ratings following the announcement by Bank of America (BOA) on Jan. 7, 2013
that it plans to sell mortgage servicing rights (MSRs) on approximately
650,000 residential mortgage loans totaling $93 billion to Green Tree's
parent, Walter Investment Management Corp. (Walter). Loan transfers are
expected to occur in multiple stages and to be completed by the end of the
third quarter 2013. Given the scale of the announced BOA transaction as well
as the on-going integration of GMAC Mortgage LLC (GMAC Mortgage) servicing
assets at Green Tree, Fitch is in active dialogue with the company to assess
how the acquisition of MSRs from BOA will be managed from both a timing and
resources standpoint.

At this time, Fitch does not believe the BOA transaction will impact existing
servicer ratings for Green Tree as existing ratings already reflect Green
Tree's capacity planning including staffing needs. However, Fitch will closely
monitor the loan transfers and subsequent performance to determine any impact
on Green Tree's servicer ratings. A significant deterioration in operational
capability or portfolio performance at the company could result in a servicer
rating downgrade or rating watch.

Fitch currently rates Green Tree 'RPS2' for primary servicer of prime,
subprime, HLTV, HELOC, and second lien product, and 'RSS2+' for special
servicer, all with a Stable Rating Outlook. In October 2012, the United States
Bankruptcy Court, Southern District of New York, announced that Walter won a
joint bid with Ocwen Loan Servicing LLC for the GMAC Mortgage servicing
platform. GMAC Mortgage is a wholly owned subsidiary of Residential Capital
LLC. The sale, which was approved by the Bankruptcy Court in November 2012, is
expected to close by March 2013, will transfer approximately 365,000 of GMAC
Mortgage's FNMA portfolio to Green Tree.

Walter recently announced it has entered into a definitive agreement to
acquire the mortgage servicing platform of MetLife Bank, N.A. located in
Irving, TX. The platform acquisition will provide Green Tree with significant
scalable capacity.

As of Sept. 30, 2012, Green Tree's servicing portfolio consisted of 970,393
loans with an unpaid principal balance (UPB) of approximately $78.6 billion.
The portfolio is composed of 37% MH product, 24% closed end second product,
30% agency product (including prime), 7% subprime product, and 2% HELOC/HLTV.
Completion of the GMAC Mortgage transfer is expected to increase Green Tree's
residential servicing portfolio by approximately 40.5%. The MSR acquisition
from BOA is expected to increase Green Tree's servicing portfolio by an
additional 59.8%.

Additional information is available at 'www.fitchratings.com'.

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Contact:

Fitch Ratings
Primary Analyst:
Natasha Hanson, +1-212-908-0272
Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst:
Diane Pendley, +1-212-908-0777
Managing Director
or
Media Relations:
Sandro Scenga, New York, +1 212-908-0278
sandro.scenga@fitchratings.com
 
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