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A Stuyvesant Town $3 billion loan is already in the hands of a special servicing company.
So, the issue in the special servicing world is starting to become: How do you maintain your capabilities and expertise as activity levels decline?
"This would reinforce the claim that relationships with kin are less fragile than those with friends, and hence require less persistent and less special servicing," they say.
The move will bolster Citigroup's payment collection abilities, giving it a special servicing ability and a bigger presence to help weather the expected surge in delinquencies and foreclosures from a housing slump.
According to documents in an unrelated lawsuit, CWCapital and Fortress had reaped $7.5 million a year in special servicing fees for running Stuyvesant Town, a total of $45 million over the last six years.
In all, some 3,100 loans representing $49.1 billion, or 6.1percentt of the total, are currently in special servicing, an amount that could grow to nearly $100 billion by the end of the year, Fitch said.
Similar(52)
Reduced special services.
Stand-alone special services.
Special service requests, such as meal preferences.
Churches stayed open to offer special services.
I was put into special services.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com