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Announcement:

Moody's updates on Unicredit Holding Spa and Unicredit Credit Management Bank as special servicers of 11 Italian RMBS deals

28 May 2010

Special Servicers for the Cordusio Series, F-E Mortgages Series as well as Capital Mortgages, BIPCA Cordusio and Heliconus transactions

London, 28 May 2010 -- Moody's Investors Service said today that it considers Unicredit's special servicing platform to be of high quality. Early delinquent loans are managed by Customer Recovery (CuRe), a division of UniCredit Spa while UniCredit Credit Management Bank (UCMB) services doubtful and non-performing loans.

As part of Moody's surveillance process of residential mortgage-backed securities (RMBS) transactions, it regularly meets with servicers to monitor their quality and discuss changes to the servicing infrastructure since Moody's previous visit. Moody's met with CuRe and UCMB in the spring of 2010.

UniCredit Banca Spa and UniCredit Family Financing Bank Spa have sub-delegated the special servicing activities to CuRe and UCMB for the following Moody's-rated outstanding Italian RMBS transactions:

-- Cordusio RMBS - UCFin S.r.l. - Series 2006 and Series 2009

-- Cordusio RMBS S.r.l.

-- Cordusio RMBS Securitisation S.r.l -- Series 2006, Series 2007 and Series 2008

-- F-E Mortgages S.r.l.

-- F-E Mortgages S.r.l. 2005

-- BIPCA Cordusio RMBS

-- Capital Mortgage Series 2007-1

-- Heliconus S.r.l.

As of March 2010, the total outstanding balance of these 11 transactions was EUR33.3 billion.

MOODY'S UPDATED OPINION ON CuRe'S SPECIAL SERVICING OPERATION.

Moody's observes that the recovery performance in the early stage of delinquency for the securitised mortgage loans appears to be slightly better than that for UniCredit's on-balance sheet mortgage loans between October 2009 and February 2010.

Moody's views positively the fact that CuRe starts contacting the borrower shortly after a payment is missed (i.e. after five days) and the extended working hours of its call centre, which are longer than most of its Italian peers (i.e. normal working hours). The former allows CuRe to rapidly understand the reason for non-payment and assess if it is a short-term or long-term issue, while the latter increases the likelihood of reaching a borrower.

CuRe's call centre services delinquent mortgages, unsecured and personal loans, which to some extent explains its apparently high ratio of loans per collector. In addition, Moody's concern is somewhat mitigated by CuRe's strategy to leverage external collection agencies to manage temporary peaks in the number of delinquent accounts, with the exception of mortgage loans, which are always serviced in-house. Furthermore, Moody's was informed that CuRe has been operating within its call centre operational targets, which are in line with industry best practices.

CuRe's recruitment, induction and training programmes and the low level of staff per team leader to some degree mitigate the relatively low level of experience in collection which is below Moody's standard. In addition, Moody's notes that collectors have prior work experience in banking.

Moody's notes favourably the strong governance and control infrastructure in place within the department.

CuRe benefits from an integrated servicing system, which provides a consolidated view of a borrower's situation across UniCredit's subsidiaries and also records all the activities taking place on the account. This information is also accessible by the branch network.

MOODY'S UPDATED OPINION ON UCMB'S SPECIAL SERVICING OPERATION

Moody's considers positively the 4% increase in cash collected and the 17% increase in recovery rate as a percentage of gross book value (GBV) for closed loans in 2009 in comparison to 2008. Moody's notes that the recovery rate for residential mortgage reduced by 5% to 80% in 2009 in comparison to 2008. Nevertheless, the rating agency believes that this performance are good as these were achieved in a more difficult economic environment.

Moody's observes favourably that UCMB extended its branch network during 2009 to be closer to the borrower and its external network of field agents with a view to facilitating the communication flow with its external parties and to strengthen its control.

Over the past few years, UCMB has reduced its panel of solicitors and selected the best performers to enhance its control, streamline the administration tasks and promote best practices.

In 2009, UCMB implemented a detailed business plan at mortgage loan level, which Moody's views positively as it strengthens the monitoring of recovery process against individual business plan (timeline and recovery rate).

Moody's further views positively the enhancements to UCMB's risk framework and governance and the automatic checks within its servicing IT system, as this can mitigate servicing interruptions, regulatory breaches and operational losses. Moody's considers that this infrastructure will provide greater servicer stability over time.

Moody's believes that UCMB benefits from one of the most integrated IT servicing system with its third parties in comparison with its EMEA peers in the RMBS segment.

SECURITISED PORTFOLIO PERFORMANCE

As of March 2010, the 90+ delinquent rate (excluding defaulted loans) as a percentage of the current pool balance for the UniCredit index (which includes the 11 transactions listed above) was 1.62%, which was slightly below the Italian RMBS index (1.79%) while the 90+ delinquent rate (including defaulted loans) as a percentage of the original pool balance was 2.45% which was 10% below the Italian RMBS index (2.78%).

Across the 11 transactions, some transactions are performing better than the Italian indices, while others are performing worse. In Moody's opinion, the difference in performance across these transactions are mainly due to different origination practices (e.g. policies and channels) of the originators within Unicredit group.

CuRe'S SPECIAL SERVICING INFRASTRUCTURE - OVERVIEW

CuRe is the internal centralised department that performs the credit management activities for delinquent retail and SME loans for Unicredit's subsidiaries.

The soft collection department services loans that are more than five and less than 90 days delinquent. This department employs 447 staff across two locations and operates as a call centre.

The soft collection department benefits from dialler technology. CuRe has implemented targeted call campaigns strategy based, among other things, on a risk segmentation of its portfolio (i.e. prioritisation model). If contact cannot be established after 90 days or the borrower is not cooperative, the hard collection department takes over the servicing of the loan. During this process, face-to-face contact at the borrower's house will take place. CuRe outsources this activity to door-to-door collection agencies. CuRe's hard collection team is responsible for monitoring the collection agency panel and assisting the agencies in their work.

Loans which are classified as "Incagli" or "Sofferenza" are transferred to UCMB.

UCMB'S SPECIAL SERVICING INFRASTRUCTURE - OVERVIEW

UCMB was established in 2000. As of December 2009, it serviced a portfolio of 983,818 non-performing loans with a combined GBV of EUR33.6 billion. UCMB provides its services to subsidiaries of the Unicredit group and to non-captive clients. The book under management includes consumer, residential and commercial loans as well as leasing.

UCMB has increased its number of staff during 2009 to 706 located in 23 branches across Italy. As of December 2009, 70% of its staff were lawyers and the staff had an average age of 41 years. Incentives for UCMB's staff include a yearly bonus based on individual and company key performance indicators.

UCMB leverages a network of external consultants (approximately 1,500), of door-to-door companies (100) and solicitors (1,055, of which 304 are now preferred solicitors) to assist it in its activities. These preferred solicitors receives new cases. UCMB benefits from a strong infrastructure to monitor the performances of the third parties.

UCMB leverages an internet portal to advertise the sale of credit lines and auction dates to increase the number of potential buyers which could potentially increase the recovery value.

UCMB has been certified as ISO 9001 quality management since 2008.

Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck. For further information, please visit our website directly or contact Moody's Client Service Desk (+44 20) 7772 5454. Additional information on the referenced Moody's rated RMBS transactions, including the latest Performance Overview, is available at www.moodys.com.

Paris
Annick Poulain
Managing Director
Structured Finance Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Carine Kumps-Feniou
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's updates on Unicredit Holding Spa and Unicredit Credit Management Bank as special servicers of 11 Italian RMBS deals
No Related Data.
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