Moody's Investors Service has downgraded the servicer quality rating of Popular Mortgage Servicing Inc. as a primary servicer of subprime residential mortgage loans from SQ3 to SQ3-minus. Moody's said the downgrade was prompted by the lowering of PMSI's servicing stability assessment from average to below average. That action was based on an announcement by PMSI's parent company, Popular Inc., that it would sell a majority of loans and mortgage servicing rights held by PMSI to Goldman Sachs Mortgage Co.; Goldman, Sachs & Co.; and Litton Loan Servicing LP. Moody's can be found on the Web at http://www.moodys.com.
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