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."
Litton's loan servicing operations are located in Houston and Atlanta. (c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.mortgageservicingnews.com http://www.sourcemedia.com