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S&P Credit Research502 word report
published Feb 16, 2007
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) Feb. 16, 2007--Standard&Poor's Ratings Services today lowered its commercial mortgage servicer ranking on Washington Mutual Bank (WAMU) to AVERAGE from ABOVE AVERAGE. At the same time, the commercial mortgage master servicing and special servicing rankings were affirmed at AVERAGE. The outlook for the rankings is stable. The lowered ranking for commercial mortgage servicing reflects a high level of staff turnover in 2006, a higher level of real estate tax penalties compared with peer and industry averages, certain inconsistencies with regard to some policies and procedures, exceptions cited in the 2006 Uniform Single Attestation Program (USAP) letter, and the lack of a borrower Web site. As a master servicer, WAMU has established procedures for
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| Brief Excerpt: | RESEARCH Ratings Definitions WAMU Commercial Mortgage Servicer Ranking Lowered; Master, Special Rankings Affirmed Publication date: 16-Feb-2007 NEW YORK (Standard & Poor's) Feb. 16, 2007--Standard & Poor's Ratings Services today lowered...
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| Report Type: | Ratings Action
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| Ticker: | 28857Z
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| Issuer: | Washington Mutual Bank
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| GICS: | Thrifts & Mortgage Finance (40102010)
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| Sector: | Asset-Backed Commercial Paper, Asset-Backed Securities, Financial Institutions, Global Issuers, Public Finance, Residential MBS, Structured Finance
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| Country: | United States
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| Region: | United States
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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