EOS Preferred Corp Series D Pfd (fka EOSPN)

[AKAPAK]

Some DD from the a Lehman board:

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=71870043



S&P had this to say about the rating of Aurora:


OVERVIEW
We raised our ABS business-based commercial real estate special servicer ranking on Aurora Bank Commercial Services (ABCS) to ABOVE AVERAGE and raised the primary servicing ranking to AVERAGE.The rankings reflect our opinion of the company's knowledgeable and experienced management team, good internal controls, and a proficient special servicing operation.The outlook for both rankings is developing due to a potential sales
transaction for ABCS and Aurora Bank FSB.The company has a long history of servicing and special servicing of first mortgage owner-occupied small balance commercial real estate loans as well a limited volume of larger multitenant properties.


NEW YORK (Standard & Poor's) Feb. 7, 2012--Standard & Poor's Ratings Services today raised its rankings on Aurora Bank Commercial Services (ABCS) as a business-based commercial real estate servicer. We raised our commercial special ranking to ABOVE AVERAGE from AVERAGE and we raised our commercial primary ranking to AVERAGE from BELOW AVERAGE. The outlook for both rankings is developing. The subranking for management and organization is ABOVE AVERAGE, the subranking for loan administration primary servicing is AVERAGE and the subranking for special servicing loan administration is ABOVE AVERAGE.

The raised rankings reflect improvements in the company's quality control and compliance monitoring programs, the company's past two years of compliance with USAP servicing standards, as well as increased staffing within special servicing together with overall organizational structural changes for primary and special servicing.

ABCS is a division of Aurora Bank FSB. The overall organization represents a large banking operation in both the residential and commercial markets.

KEY RANKING FACTORS

Strengths:
An experienced staff and a proactive approach toward asset and portfolio management and special servicing.Well-administered procedures and oversight accomplished by good quality control processes, a separate compliance monitoring area, and sound auditing practices, all of which have improved since our previous review.The ability to handle small and large real estate secured mortgages.Good special servicing results based on increased staffing and improved monitoring of problem assets.Weaknesses:
The non-integration of the current servicing and special servicing technology and a reliance on ancillary applications, which is mitigated by the company's current systems conversion project.Some inconsistencies in format within the procedure manuals for all servicing operations, and the likelihood for required revisions following the conversion project.

ABCS has approximately $2 billion commercial assets under management for approximately 4,000 accounts within its primary and special servicing operations.