Litton Obtains MH Rating

Moody's Investors Service has assigned a manufactured housing loan servicer rating of "SQ2-" to Litton Loan Servicing, a subsidiary of Credit-Based Asset Servicing and Securitization. Moody's said the rating reflects above-average servicing ability and average servicer stability.

Litton primarily services loans that C-BASS owns or loans that have been securitized where C-BASS owns the subordinate and residual securities. Litton also performs third-party servicing. Litton's servicing portfolio totaled 395,701 loans with an unpaid principal balance of $56.3 billion at the end of 2006. Manufactured housing loans account for a small portion of the total, consisting of 8,112 loans totaling $657.4 million.

Moody's said the "average" servicer stability mark reflected "the small portion of MH loans in Litton's portfolio and uncertainty around the company's future strategic direction on these loans."

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