Raters stop short of Ocwen RMBS downgrades

By Ryan Bolger
15 Jan 2015

Ratings agencies are monitoring the possibility of a mortgage servicing right (MSR) fire sale in California closely, but they have stopped short of downgrading structured products tied to the beleaguered servicer.

Standard & Poor’s, Moody’s and Fitch said the potential loss of Ocwen’s mortgage license in California, and a resulting requirement that Ocwen sell its large portfolio of MSRs in the state, could result in a downgrade for RMBS backed by Ocwen-serviced mortgages.

Moody’s appears to have been ...

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