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News about commercial and residential mortgage-backed securities. Stories about ratings actions and changes to servicer ratings. Studies and reports about the performance of securitizations and problem vintages and classes. Subprime, Alt-A, home equity and j u m b o analysis.

Servicer Rating Upgraded at Hedge Fund Unit

Carrington Mortgage servicer rating upgraded by Fitch

Sept. 30, 2009

By staff

The servicing subsidiary of a Connecticut hedge fund saw its subprime servicer rating upgraded for the second time in less than a year.

The residential primary servicer rating for subprime product at Carrington Mortgage Services LLC was upgraded to RSS3 from RSS3- by Fitch Ratings, a news release today said. In addition, its special servicer rating was also upgraded to RSS3 from RSS3-.

The highest possible servicer rating is RSS1+, while the lowest is RSS5-.

A seasoned management team, effective operational capabilities, enhanced technology platform and focused default management processes were credited for the upgrade. Fitch also cited technology enhancements, expanded audit expertise and newly implemented employee development programs.

"CMS continues to mature with a focused management team which exhibits tight controls over its default management processes, including modification and real estate owned disposition strategies,"  Fitch stated. "CMS has materially increased its modification of defaulted or imminent default loans which, to date, indicate performance within industry averages.

"In addition, the servicer has implemented and continues to test radical strategies for the disposition of REO properties."

In November 2008, Fitch upgraded Carrington's residential primary servicer rating for subprime loans to RPS3- from RPS4.

The servicer is a subsidiary or Carrington Capital Management LLC, a private hedge fund.

Carrington has 363 servicing employees operating from Santa Ana, Calif., and Fishers, Ind. Its servicing portfolio was 85,198 loans for more than $17 billion as of July 2009. The portfolio included a special servicing portfolio of 9,000 loans for nearly $3 billion.

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