Charleston SC Mortgage News
Charleston SC mortgage news is updated daily.
NIMs, Alt-A RMBS Clobbered
Moody's Investors Service downgraded 60 net interest margin securities based on the performance of underlying transactions which has negatively impacted future residual payments to the NIM holders. More than 75 Alt-A option adjustable-rate mortgage, negative-amortization transactions saw classes downgraded by Moody's because of higher-than-anticipated rates of delinquency, foreclosure and real estate owned in the underlying collateral relative to credit enhancement levels. Standard & Poor's Ratings Services downgraded nine classes of ACE Securities Corp. Home Equity Loan Trust transactions issued from 2004 to 2006 as a result of adverse collateral performance.
Bank Shuts Down Mortgage Unit
AmericasBank Corp. will close its mortgage unit of its bank subsidiary, according to a filing with the Securities and Exchange Commission. The move is expected to be completed by the end of this month. "The board made this decision based primarily on recent market conditions, and the bank intends to cease its emphasis on originating mortgage loans for sale that are originated by commissioned salespeople," AmericasBank stated.
Radian Improves in Q2
Radian Group Inc. said that claims on first and second liens were less than $230 million during the second quarter, improving from previous estimates. The mortgage insurer said an increase in quarterly first-mortgage defaults was less than iduring the first quarter. Its market share reportedly increased by 1 percent from the beginning of the year.
Market Conditions Improve
The 30-year fixed-rate mortgage averaged 6.4 percent in Freddie Mac's survey of 125 thrifts, commercial banks and mortgage lending companies for the week ended July 3. This is the first time the 30-year has fallen in six weeks. Overall 1003 loan applications increased 4 percent during the latest week, the Mortgage Bankers Association reported in its weekly survey for the week ending June 27.
Mortgage Employment Improves
During May, 357,800 people were employed in mortgage-related jobs, data released from the Bureau of Labor Statistics indicate. Mortgage employment rose from April. Helping to boost May activity were recent hirings at Fortes Residential Mortgage Co., Mortgage Network Inc. and IBM Lender Business Process Services.
