Abstract: NEW YORK (Standard&Poor's) Sept. 29, 2008--Standard&Poor's Ratings Services today placed all of its Wachovia-related servicer rankings on CreditWatch with negative implications. The affected servicing entities include Wachovia Bank N.A. and Wachovia Mortgage FSB, which are subsidiaries of Wachovia Corp., and Universal Master Servicing LLC, which is owned in part by Wachovia Bank N.A. The CreditWatch negative placements affect: -- Our ABOVE AVERAGE residential subordinate-lien ranking on Wachovia Bank N.A.; -- Our STRONG residential prime on Wachovia Mortgage FSB; -- Our STRONG commercial mortgage primary, master, special, and construction loan servicer rankings on Wachovia Bank N.A.; and -- Our AVERAGE residential master servicer ranking on Universal Master Servicing LLC. The CreditWatch negative placements follow Citigroup Inc.'s purchase

Brief Excerpt: RESEARCH Ratings Definitions All Wachovia-Related Servicer Rankings Put On CreditWatch Negative After Sale To Citigroup Publication date: 29-Sep-2008 Primary Commercial Servicer Contact: Mark I Goldberg, Primary Commercial Servicer...

Report Type: News
Sector: Commercial MBS, Financial Institutions, Global Issuers, Residential MBS, Servicer Evaluations, Structured Finance
Free Sample: Click Here to Download

Enter the keyword(s) which you would like to search for within this document and click "Search"

 

 S&P Credit Research
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.