Moody's Investors Service has downgraded Fremont Investment & Loan's servicer quality rating from SQ4-minus to SQ5 as a primary servicer of subprime mortgage loans. Moody's also removed the SQ rating from review for possible downgrade. "The action is prompted by the sale and transfer of Fremont's remaining mortgage servicing rights on their $12.2 billion serviced portfolio to Litton Loan Servicing LP," the rating agency said. "With the completion of this sale, Fremont no longer services subprime residential real estate loans for others."
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