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Fitch Affirms NCB, FSB and National Cooperative Bank CMBS Servicer Ratings

Chicago (June 3, 2008) — Fitch Ratings affirms the commercial mortgage-backed  securities (CMBS) servicer ratings of NCB, FSB as follows: primary servicer  rating at 'CPS1-' and master servicer rating at 'CMS2-'. In addition, Fitch  affirms National Cooperative Bank's (NCB) special servicer rating at 'CSS3'. 

The servicer ratings reflect the bank's experienced and tenured servicing  staff and management team, and its continued strong use of technology.  Additionally, the primary servicer rating reflects NCB, FSB's solid experience  as a longstanding CMBS primary servicer. The master servicer rating indicates  NCB, FSB's proven ability to report and remit to CMBS trustees and to oversee  third-party servicers. The special servicer rating indicates NCB's ability to  specially service commercial real estate loans in CMBS transactions. The bank  also continues to maintain particular expertise in the servicing and special  servicing of cooperative housing loans. 

As of March 31, 2008, NCB, FSB's primary servicing portfolio consisted of  3,945 loans, totaling $5.3 billion. As of the same date, NCB, FSB was named  master servicer on 37 securitized transactions, totaling $4.6 billion. In  addition, as of March 31, 2008, the bank was named special servicer for 40  transactions totaling $4.7 billion. 

Fitch rates commercial mortgage primary, master, and special servicers on a  scale of 1 to 5, with 1 being the highest rating. Within each of these rating  levels, Fitch further differentiates ratings by plus (+) and minus (-) as well  as the flat rating. For a description of Fitch's rating criteria, see Fitch  Research 'Rating US Commercial Mortgage Servicers,' dated Sept 14, 2007,  available on Fitch's web site at www.fitchratings.com

Fitch's rating definitions and the terms of use of such ratings are available  on the agency's public site, www.fitchratings.com.  Published ratings, criteria and methodologies are available from this site, at  all times. Fitch's code of conduct, confidentiality, conflicts of interest,  affiliate firewall, compliance and other relevant policies and procedures are  also available from the 'Code of Conduct' section of this site.

As a full-service financial institution, NCB provides term loans, lines of credit, commercial and residential mortgages, and personal and business banking products. In addition, the Bank offers an array of other business banking products via its secure, online cash management platform, including Real Time Deposit, NCB’s remote deposit capture product allowing businesses to efficiently deposit checks via remote scanning services operated at the business’ location. The Bank is also a member of CDARS network, providing customers with a single source for FDIC insurance on CDs up to $50 million.

NCB Financial Group (NCB) consists of National Consumer Cooperative Bank, a wholesale funding company; NCB, FSB, a federally-charted savings bank; and, NCB Capital Impact, a 501(c)3 nonprofit.  Loans and other financial services are provided by NCB, FSB and NCB Capital Impact.   Deposit products and services are provided by NCB, FSB, which is a member FDIC.   Each is a separate corporation within the NCB Financial Group.

NCB is dedicated to strengthening communities nationwide through the delivery of banking and financial services, complemented by a special focus on cooperative expansion and economic development. Headquartered in Washington, DC, NCB also has offices in Alaska, California, New York and Virginia. In addition, NCB has a growing community banking network in southwestern Ohio. To learn more about NCB, visit www.ncb.coop.