Fitch Affirms Ocwen's CMBS Special Servicer Rating

Business Wire, Dec 16, 2004

CHICAGO -- Fitch Ratings affirms Ocwen Federal Bank FSB's (Ocwen) special servicer rating of 'CSS2'. The affirmation is based on Ocwen's ability to successfully workout, manage and resolve mortgage loans in commercial mortgage-backed securities (CMBS) transactions. The rating also considers Ocwen's experienced asset management and special servicing team and its commitment to technology.

As of Sept. 30, 2004, Ocwen was named special servicer on 12 CMBS transactions, totaling $819 million. At that date, Ocwen was actively specially servicing seven CMBS loans totaling $698,000 and managed four real estate owned CMBS properties valued at $1.2 million.

Fitch rates commercial mortgage primary, master, and special servicers on a scale of 1 to 4, with 1 being the highest rating. Within each of these rating levels, Fitch further differentiates ratings by plus ( ) and minus (-) as well as the flat rating. For more information about Fitch commercial mortgage servicer ratings or rating criteria, refer to the report titled 'Commercial Mortgage Servicer Rating Criteria', dated April 11, 2002, available on the Fitch Ratings web site at www.fitchratings.com.