Litton Servicer Ratings Under Review

The residential servicer ratings of Litton Loan Servicing LP have been placed on Rating Watch Negative by Fitch Ratings.The affected ratings are as follows: residential primary servicer for subprime and high loan-to-value products, RPS1; residential primary servicer for manufactured housing product, RPS2; and residential special servicer, RSS1. The rating action reflects the announcement by Radian Group Inc. and MGIC Investment Corp. regarding liquidity problems at Litton's parent, Credit-Based Asset Servicing and Securitization LLC. Fitch does not publicly rate C-BASS, but it said the company's financial condition "is an important component of Fitch's servicer rating analysis, and therefore of Litton's servicer rating."