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Fitch Rates RALI Mtge $805MM Asset-Backed PT Ctfs, 2007-QS6
NEW YORK--(BUSINESS WIRE)--Fitch rates Residential Accredit Loans, Inc. (RALI) mortgage pass-through certificates, series 2007-QS6, as follows: --$755,357,367 classes A-1 through A-116 A-P, A-V, R-I and R-II certificates (senior certificates) 'AAA'; --$26,269,900 class M-1 'AA'; --$8,487,100 class M-2 'A'; --$6,870,600 class M-3 'BBB'. In addition, the following privately offered subordinate certificates are rated by Fitch: --$4,445,600 class B-1 'BB'; --$3,637,400 class B-2 'B'. The $3,233,251 class B-3 is not rated by Fitch. The 'AAA' rating on the senior certificates reflects the 6.55% subordination provided by the 3.25% class M-1, the 1.05% class M-2, the 0.85% class M-3, the privately offered 0.55% class B-1, the 0.45% privately offered class B-2 and the 0.40% privately offered class B-3.
Imperial Lending Simplifies Compliance Process with Mavent’s MC 2 ...
IRVINE, Calif.--(BUSINESS WIRE)--Mavent Inc., a leading provider of automated compliance solutions to the financial services industry, announced that Castle Rock, Colo.-based Imperial Lending LLC is now utilizing the Mavent Compliance Console (MC2), a Web-based portal that enables lenders, loan purchasers and other mortgage-related businesses to submit loan data seamlessly for comprehensive regulatory and business compliance reviews. Imperial Lending is a wholesale lender that closes approximately $350 million in loans annually in 21 states. The company's primary product offering, The Special Circumstance Loan™ addresses issues such as sub-500 credit scores, bankruptcy avoidance and borrowers with a record of late mortgage payments or are in foreclosure. Upon deciding to leave its previous compliance provider, the company selected the MC2 platform after several Wall Street firms "highly recommended Mavent," said Daryl Kruger, director of operations for Imperial Lending.
Moody's downgrades risky mortgage debt
NEW YORK: Moody's Investors Service, citing more subprime mortgage loan losses than forecast, has downgraded the ratings on 27 different pools of securities created over the past two years by Lehman Brothers Holdings. Bonds created through Lehman's Structured Asset Investment Loan Trust from 2005 and 2006 were cut because of "higher-than-anticipated rates of delinquency," Moody's said Friday. The pools comprised $14.1 billion in loans when issued and Friday's ratings actions affect about $348 million of bonds in lower-rated classes. SAIL 2005-8 M9, a $21.3 million piece initially rated Baa3, the lowest investment grade, was cut by four levels to B1, a speculative or junk rating. Merrill Lynch valued the security at 75 cents on the dollar before the downgrade. "The servicers have started to sell the properties and therefore losses have started to come in," said Nicolas Weill, Moody's chief credit officer for its Structured Finance Group in New York.
Massachusetts to seek delays on foreclosures
NEW YORK, April 30 (Reuters) - Massachusetts will seek delays from mortgage lenders to help struggling borrowers keep their homes as the state faces a "foreclosure crisis," Gov. Deval Patrick said on Monday. The Democratic governor said in a statement the state Division of Banks will approach lenders on a case-by-case basis in response to complaints filed by borrowers to see if some adjustable-rate loans can be refinanced to fixed-rate. "The action will provide relief to the people who need it most -- the individuals and families who find themselves in the late stages of a personal financial crisis," Patrick said. In Massachusetts, where housing prices notched double-digit growth between 1995 and 2004, foreclosure filings surged 70 percent last year to a record 19,487 homeowners, as single-family home prices fell for the first time since 1993.
How Do People In Southern California Afford Mortgage Loan Payments ...
Any loan amount above these conforming loan limits is considered a jumbo mortgage, and any amount over $650,000 is considered a super jumbo loan. "Once again, although the new conforming loan limits will help some home buyers qualify for a lower-cost loan, they do not go far enough to benefit most home buyers in California," said Jim Hamilton, president of the real estate trade group. "Conforming loan limits need to more accurately reflect the cost of housing in California." So, how do Southern Californians afford those million dollar loans? The 2006 Fannie Mae and Freddie Mac conforming loan amounts are: No. of Units Contiguous 48 States, District of Columbia and Puerto Rico Alaska, Hawaii, Guam & U.S. Virgin Islands 1 $417,000 $625,500 2 $533,850 $800,755 3 $645,300 $967,950 4 $801,950 $1,202,925 .
Finance group to boost mortgage package sales
Mortgage securitisation continues to show signs of taking off in New Zealand with Christchurch's Property Finance Group planning to more than double its programme to $800 million over the next 12 months. Mortgage securitisation is how non-bank lenders such as finance companies and building societies can fund their lending. It involves the packaging up of a large number of loans into a vehicle that can be sold in units to institutional investors. In a regulatory filing to the NZAX market yesterday, Property Finance Group said it intended to securitise up to $450 million in residential loans, $300 million in commercial property loans and about $50 million in reverse mortgage loans in the next 12 months. To date the company has securitised about $370 million worth of mortgages.
PSM Holdings Expands With License in California
ROSWELL, NM -- (MARKET WIRE) -- April 30, 2007 -- PSM Holdings (PINKSHEETS: PSMH), through its wholly owned subsidiary PrimeSource Mortgage that acts as an agent or broker for mortgage lenders, today announced it has received a license in California. Jeffrey R. Smith, President & CEO, stated, "We are pleased to enter the California market, one of the most prominent within the real estate industry. California represents the twentieth state in which we are now licensed. As a result of our expansions, we have 75 national wholesale lenders from whom we can obtain preferred pricing, best interest rates, and a wide range of programs and products that can be tailor-made to meet customers needs. " Quick Overview PrimeSource Mortgage, Inc., a wholly owned subsidiary of PSM Holdings Inc., acts as an agent or broker for mortgage lenders in real estate mortgage loan transactions, and solicits and receives applications for secured loans.
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