OVERVIEW Selene Finance L.P. has, in our opinion, successfully increased its portfolio of special serviced mortgage loans through a series of portfolio purchases over the past 18 months. The company revised its policy and procedure manuals to include greater detail about certain loan servicing processes. Servicing metrics provided by Selene Finance and compared against similar peers indicate that the company is an efficient servicer. Management has increased call monitoring of the applicable staff and introduced automated grading of REO vendors. NEW YORK (Standard&Poor's) Jan. 7, 2011--Standard&Poor's Ratings Services today assigned an AVERAGE residential special servicer ranking to Selene Finance L.P., an indirect wholly owned subsidiary of Selene Holdings LLC (Selene). The outlook is positive. The overall
