Bond Insurers And Residential Mortgage-Backed Securities Servicer Risk Feb 05
- ID: 1713410
- February 2005
- Standard & Poors
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...
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