- Language: English
- Published: December 2011
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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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.
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