WaMu Commercial Mortgage Primary, Master, And Special Servicer Rankings Affirmed - 2008/04/28 - S&P Credit Research

Report title: WaMu Commercial Mortgage Primary, Master, And Special Servicer Rankings Affirmed

from S&P Credit Research
659 word report published Apr 28, 2008

Price $100.00 available for immediate download

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Abstract:

NEW YORK (Standard&Poor's) April 28, 2008--Standard&Poor's Ratings Services today affirmed its AVERAGE rankings on Washington Mutual Bank (WaMu) as a commercial mortgage primary, master, and special servicer. Concurrently, we revised our outlook for the primary servicer ranking to positive from stable, and the outlook remains stable for the master and special servicer rankings. The company's staff turnover and real estate tax penalty rates declined significantly during 2007. Although a recent Uniform Single Attestation Program (USAP) audit cited an exception related to loan payoff calculations, the company has addressed this exception by enhancing its control procedures, which include a self-testing process to monitor compliance. The ranking for primary servicing also considers the company's lack of a borrower

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RESEARCH Ratings Definitions WaMu Commercial Mortgage Primary, Master, And Special Servicer Rankings Affirmed Publication date: 28-Apr-2008 Servicer Analysts: Mary Chamberlain, New York 212-438-3034; mary_chamberlain@standardandpoors.com...

Report Type:

Ratings Action

Ticker:

28857Z

Issuer:

Washington Mutual Bank

GICS:

Thrifts & Mortgage Finance (40102010)

Sector:

Asset-Backed Commercial Paper, Asset-Backed Securities, Financial Institutions, Global Issuers, Public Finance, Residential MBS, Structured Finance

Country:

United States

Region:

United States

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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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