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Bond Insurers And Residential Mortgage-Backed Securities Servicer Risk
Standard & Poors, Feb 2005
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
Abstract
The quality of a bond insurer's underwriting and insured portfolio is the primary focus of investors of insured bonds. One factor that can escape investors' attention, however, is a bond insurer's exposure to servicer risk presented in its structured finance portfolio. A poor servicer could expose a bond insurer to claims regardless of the performance of the underlying assets in a transaction. Standard & Poor's Ratings Services does not have specific bond insurance criteria to address servicer risk. As part of its review process, however, Standard & Poor's examines a bond insurer's servicer exposure in terms of servicer quality and concentration, and includes exposure to an insurer's largest servicer as part of its liquidity testing. This article will focus on...
Companies mentioned in this report are: Wells Fargo & Co.,Washington Mutual Bank, Seattle,Ambac Assurance Corp.,Countrywide Home Loans, Inc.,Financial Guaranty Insurance Co.,Assured Guaranty Municipal Corp.,MBIA Insurance Corp.,Wachovia Bank, N.A.,Chevy Chase Bank, FSB ,Assured Guaranty Corp,United Companies Financial Corp.,Provident Bank,GMAC Residential Funding Co. LLC,EMC Mortgage Corp.,Radian Asset Assurance Inc.,Option One Mortgage Corp,Fifth Third Bank (The),OCWEN Financial Corp.,Accredited Home Lenders, Inc.,IndyMac Bank, FSB,ACA Financial Guaranty Corp.,NovaStar Mortgage, Inc.,Fleet Bank N.A., Rhode Island,Nationstar Mortgage LLC,Select Portfolio Servicing Inc,PHH Mortgage Corp,Syncora Guarantee Inc.,Homecomings Financial - A GMAC Company,Acenden Ltd.,Barclays Capital Real Estate Inc.,CitiFinancial Mortgage Securities Inc.,New Century Financial Corp.
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