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Bank of America Residential Servicer Rankings Lowered To AVERAGE; Outlook Is Positive Nov 11
Standard & Poors, Nov 2011
Abstract
OVERVIEW We lowered our rankings on Bank of America N.A. (formerly known as BAC Home Loan Servicing L.P.) as a residential mortgage prime, residential subprime, subordinate-lien, and residential mortgage special servicer to AVERAGE from ABOVE AVERAGE. We also removed the rankings from CreditWatch negative and assigned a positive outlook for all ranking categories. The lowered rankings reflect Standard & Poor's opinion about the effects of the significant portfolio growth and the resulting consequence and stress on the company's capacity to perform, particularly with regard to default management, continued high delinquencies and recidivism rates within the company's portfolios of prime, subprime, and special mortgage loans, and experience levels for its default personnel. The outlook for all rankings is positive and reflects...
Companies mentioned in this report are: BAC Home Loans Servicing L.P.,Bank of America N.A.
Action: Downgraded
Action: Outlook: Positive
Action: Servicer Ranking
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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