November 14, 2012 / 4:07 PM / 5 years ago

TEXT - S&P comments on Green Tree Servicing LLC

Nov 14 - Standard & Poor's Ratings Services said today that its ABOVE AVERAGE residential subprime, special, subordinate-lien, and manufactured housing (MH) rankings and stable outlook on Green Tree Servicing LLC (Green Tree), a wholly owned subsidiary of Walter Investment Management Corp., are not immediately affected by the Oct. 24, 2012, announcement that Walter Investment Management Corp. and Ocwen Loan Servicing LLC were jointly awarded the highest and best bid for GMAC Mortgage LLC (GMACM) in a bankruptcy court sponsored auction. GMACM is a mortgage servicing subsidiary of Residential Capital LLC (ResCap), which is the residential mortgage subsidiary of Ally Financial Inc. The bid, with a purchase price of $3 billion, is subject to definitive documentation and bankruptcy court approval. The sale approval hearing before the bankruptcy court is set for Nov. 19, 2012. Standard & Poor's previously lowered its residential prime, subprime, special, and subordinate-lien mortgage loan servicer rankings on GMACM to AVERAGE from ABOVE AVERAGE on May 4, 2012, and assigned a negative outlook to the rankings. Standard & Poor's will continue to monitor the situation and will take ranking actions as appropriate based on our assessment of the impact that this acquisition will have on Green Tree's servicing operations.

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