NEW YORK--(BUSINESS WIRE)--Fitch Ratings has been notified by Wells Fargo Bank, N.A. (Wells Fargo) in its capacity as Securities Administrator for the IXIS deals identified below that it is assigning its duties to pursue repurchase obligations to Computershare Trust Company, N.A. (Computershare). The ratings on the subject transactions will not be affected by this assignment.
Fitch has been notified by Wells Fargo that due to a potential or perceived conflict of interest relating to its role as Securities Administrator and as an originator of loans sold into RMBS mortgage trusts, it will assign all rights, liabilities, duties and obligations to pursue repurchase claims to Computershare for each transaction under the governing documents, Instrument of Appointment and Acceptance dated July 31, 2013, in which Computershare is identified as the Separate Securities Administrator. Wells Fargo has stated it will remain the named Securities Administrator and continue to be governed by all other securities administrator duties as identified in the Pooling and Servicing Agreements dated Sept. 1, 2006 and Jan. 1, 2007 for IXIS 2006-HE3 IXIS 2007-HE1, respectively.
Fitch's highest outstanding ratings on both of the subject transactions are no higher than 'Csf'. Additionally, the outstanding ratings do not consider credit for repurchase proceeds; therefore, the assignment to Computershare to perform the repurchase claims duties is viewed as having no impact on the outstanding ratings.
Fitch is not a party to the transactions and therefore does not provide consent or approval to the assignment of the repurchase responsibilities from Wells Fargo to Computershare as that remains the sole preserve of the transaction parties.
Fitch encourages issuers and arrangers to disclose publicly, as early as possible, any proposed changes and amendments to transaction structures and documents to all interested parties. This will enable investors to conduct their own analysis in a timely fashion.
IXIS Real Estate Capital Trust 2006-HE3
IXIS Real Estate Capital Trust 2007-HE1
Additional information is available at 'www.fitchratings.com'.