OVERVIEW

• We affirmed our STRONG ranking on Cenlar FSB, a wholly owned subsidiary of Cenlar Capital Corp., as a residential mortgage loan servicer.
• The affirmation reflects the company's solid infrastructure, sound controls in its servicing organization, and well-seasoned management team.
• Cenlar also exhibits solid risk management, thorough policies and procedures, and extensive and comprehensive training programs.

         November 17, 2009, New York (Standard & Poor's) - Standard & Poor's Ratings Services today affirmed its STRONG ranking on Cenlar FSB (Cenlar), a wholly owned subsidiary of Cenlar Capital Corp. (Cenlar Capital), as a residential mortgage loan servicer. The outlook is stable.

         As a third-party servicer, Cenlar remains focused on the importance of providing its clients and their borrowers with premier service. Cenlar is one of the leading subservicers in the U.S., with more than 100 subservicing relationships. The company continues to maintain a solid infrastructure and sound controls in its servicing organization. Cenlar also has a well-seasoned management team, solid internal controls and risk management, and thorough policies and procedures, along with extensive and comprehensive training programs and demonstrated default management expertise. Moreover, Cenlar exhibits an excellent level of automation and effective use of technology. Metrics Cenlar provided through Standard & Poor's SEAM (Servicer Evaluation Analytical Methodology) questionnaire indicate that the company compares favorably with similarly ranked residential mortgage industry participants.

         Cenlar has a dedicated and experienced process improvement team charged to evaluate its servicing operations technology, applications, and processes to improve operating efficiencies through reengineering, investing in technology, and contracting with business partners to perform traditional services. The company's impressive level of automation, solid management team, and default management expertise allows Cenlar to continue to minimize portfolio risk through reliable internal controls and prudent loan servicing practices.

         Cenlar has solid delinquency statistics when compared with relevant averages reported by the Mortgage Bankers Association of America. In an effort to reduce borrower payment hardships and minimize future losses, Cenlar works with its clients to ensure that it effectively manages proactive policies with regard to adjustable-rate mortgage (ARM) resets. The company's extensive and comprehensive training programs, along with management's commitment to employee development, have enabled Cenlar to successfully retain employees.

Outlook

         The outlook is stable for residential mortgage servicing. Over the next 12 months, Cenlar plans to continue to focus on maintaining its sound operational performance and ensuring that it has appropriate staff and technology in place to manage its servicing portfolios effectively. Cenlar is an approved seller/servicer with Fannie Mae, Freddie Mac, Ginnie Mae, the Federal Home Loan Bank (FHLB), and the Federal Housing Administration (FHA). In addition to servicing its clients' portfolios, Cenlar also provides interim servicing, which greatly expands its annual servicing business. Management remains committed to being the premier subservicer and wholesale bank through innovation, quality, and professional services to its clients and their borrowers. Standard & Poor's believes that Cenlar will remain a solid residential mortgage loan servicer for a wide variety of investors.

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