In a statement announcing the news, company Chairman William B. Dockser explains, "a top priority for the Company today is loan management and special servicing defaulted loans underlying our CMBS portfolio." He adds, "our special servicing department should be even stronger after this action, as we increase our focus on managing the risk of owning CMBS through loan surveillance and managing defaults." The action comes as a response to the current economic recession, as well as increased demand in specially serviced loans. "Master and primary servicing are less important to our overall business and are not profitable operations based on present volume," Dockser explains.

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