In a statement announcing the news, company Chairman William B.Dockser explains, "a top priority for the Company today is loanmanagement and special servicing defaulted loans underlying ourCMBS portfolio." He adds, "our special servicing department shouldbe even stronger after this action, as we increase our focus onmanaging the risk of owning CMBS through loan surveillance andmanaging defaults." The action comes as a response to the currenteconomic recession, as well as increased demand in speciallyserviced loans. "Master and primary servicing are less important toour overall business and are not profitable operations based onpresent volume," Dockser explains.
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